Servicing Rights (Tables)

12 Months Ended

Dec. 31, 2020

Transfers and Servicing [Abstract]

Servicing Asset at Fair Value

The following table details the activity in the Company's MSR for the year indicated:

(In Thousands)	2020	2019	2018
Balance, beginning of period	$11,920	$10,821	$7,305
Additions for new MSR capitalized	4,824	3,707	3,641
Changes in fair value:
Due to changes in model inputs of assumptions (1)	(2,701)	(1,313)	591
Other (2)	(2,825)	(1,295)	(716)
Carrying value, December 31	$11,218	$11,920	$10,821

(1) Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.

(2) Represents changes due to collection/realization of expected cash flows over time.

    The following table details information related to our serviced mortgage loan portfolio:

(In Thousands)	December 31, 2020		December 31, 2019
Balance of mortgage loans serviced for others	$683,117		$659,048
MSR as a percentage of serviced loans	1.64	%	1.81	%

The following table outlines the key assumptions used in measuring the fair value of mortgage servicing rights as of December 31, 2020 and 2019:

	2020		2019
Average constant prepayment rate	13.05	%	10.61	%
Average discount rate	7.75	%	8.52	%

Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets

Key economic assumptions and the sensitivity of the current fair value for mortgage servicing rights to immediate adverse changes in those assumptions at December 31, 2020 and 2019 were as follows:

(In Thousands)			December 31, 2020		December 31, 2019
Aggregate portfolio principal balance			$683,117		$659,048
Weighted average rate of note			3.62	%	3.90	%
December 31, 2020	Base		1.0% Adverse Rate Change		2.0% Adverse Rate Change
Conditional prepayment rate	13.05	%	26.11	%	38.97	%
Discount rate	7.75	%	6.75	%	5.75	%
Fair value MSR	$11,218		$7,455		$5,404
Percentage of MSR	1.64	%	1.09	%	0.79	%
December 31, 2019
Conditional prepayment rate	10.61	%	26.25	%	28.39	%
Discount rate	8.52	%	7.52	%	6.52	%
Fair value MSR	$11,920		$7,005		$6,625
Percentage of MSR	1.81	%	1.06	%	1.01	%