OTHER INTANGIBLE ASSETS

The following table shows the net carrying value of the Corporation's other intangible assets:



	December 31,
	2015		2014
	(In thousands)
Other intangible assets:
Core deposit intangible assets	$	26,654	$	20,863
Non-compete intangible assets	328		—
Mortgage servicing rights (MSRs)	11,122		12,217
Total other intangible assets	$	38,104	$	33,080

Core Deposit Intangible Assets

The following table sets forth the carrying amount, accumulated amortization and amortization expense of core deposit intangible assets that are amortizable and arose from business combinations or other acquisitions:



	December 31,
	2015		2014
	(In thousands)
Gross original amount	$	40,055	$	31,550
Accumulated amortization	13,401		10,687
Carrying amount	$	26,654	$	20,863
Amortization expense for the year ended December 31	$	4,142	$	2,029

In conjunction with the acquisitions of Lake Michigan on May 31, 2015 and Monarch on April 1, 2015, the Corporation recorded $8.0 million and $1.9 million, respectively, in core deposit intangible assets. In conjunction with the acquisition of Northwestern on October 31, 2014, the Corporation recorded $12.9 million in core deposit intangible assets.

The estimated future amortization expense on core deposit intangible assets for the years ending after December 31, 2015 is as follows: 2016 - $4.4 million; 2017 - $3.8 million; 2018 - $3.6 million; 2019 - $3.4 million; 2020 - $2.9 million; 2021 and thereafter - $8.6 million.

Non-compete Intangible Assets

In conjunction with the acquisition of Lake Michigan on May 31, 2015, the Corporation recorded $0.6 million in non-compete intangible assets with an amortization period of one year. There were no additions of non-compete intangible assets in 2014.

Mortgage Servicing Rights (MSRs)

The following shows the net carrying value and fair value of MSRs and the total loans that the Corporation is servicing for others:



	December 31,
	2015		2014
	(In thousands)
Net carrying value of MSRs	$	11,122	$	12,217
Fair value of MSRs	$	15,542	$	14,979
Loans serviced for others that have servicing rights capitalized	$	2,082,899	$	2,093,140

The fair value of MSRs was estimated by calculating the present value of estimated future net servicing cash flows, taking into consideration expected prepayment rates, discount rates, servicing costs and other economic factors that are based on current market conditions. The prepayment rates and the discount rate are the most significant factors affecting valuation of the MSRs. Increases in mortgage loan prepayments reduce estimated future net servicing cash flows because the life of the underlying loan is reduced. Expected loan prepayment rates are validated by a third-party model. At December 31, 2015, the weighted average coupon rate, discount rate and constant prepayment rate (CPR) of the Corporation's $888 million originated servicing portfolio was 4.20%, 8.5% and 11.7%, respectively, while the weighted average coupon rate, discount rate and CPR of the Corporation's $1.20 billion acquired servicing portfolio was 4.07%, 10.1% and 10.41%, respectively. At December 31, 2014, the weighted average coupon rate, discount rate and CPR of the Corporation's $881 million originated servicing portfolio was 4.28%, 8.5% and 13.6%, respectively, while the weighted average coupon rate, discount rate and CPR of the Corporation's $1.21 billion acquired servicing portfolio was 4.08%, 10.1% and 11.7%, respectively.

The following shows activity for capitalized MSRs for the last three years:



	Years Ended December 31,
	2015			2014			2013
	(In thousands)
Balance at beginning of year	$	12,217		$	3,423		$	3,478
Acquired through acquisitions	1,284			9,235			—
Additions	1,476			1,075			1,528
Amortization	(4,055		)	(1,316		)	(1,583		)
Change in valuation allowance	200			(200		)	—
Balance at end of year	$	11,122		$	12,217		$	3,423
Valuation allowance at December 31	$	—		$	200		$	—

The Corporation acquired MSRs of $1.3 million in the acquisition of Monarch on April 1, 2015 and $9.2 million in the acquisition of Northwestern on October 31, 2014. MSRs are stratified into servicing assets originated by the Corporation and those acquired in acquisitions of other institutions and further stratified into relatively homogeneous pools based on products with similar characteristics. The MSR impairment valuation allowance recorded at December 31, 2014 related to impairment within certain pools attributable to the Corporation's servicing portfolio that was acquired in the Northwestern transaction.