Mortgage Servicing Rights (Tables)

12 Months Ended

Dec. 31, 2020

Transfers and Servicing [Abstract]

Summary of Changes in Mortgage Servicing Rights

The following table summarizes the changes in MSRs, which are included in other assets on the consolidated balance sheets, with adjustments to the fair value included in mortgage banking income on the consolidated statements of income:

	2020		2019		2018
	(in thousands)
Amortized cost:
Balance at beginning of period	$	39,267	$	38,573	$	37,663
Originations of MSRs	12,173		7,546		6,756
Amortization	(12,695)		(6,852)		(5,846)
Balance at end of period	$	38,745	$	39,267	$	38,573
Valuation allowance:
Balance at beginning of period	$	—	$	—	$	—
Additions to valuation allowance	(10,500)		—		—
Balance at end of period	$	(10,500)	$	—	$	—
Net MSRs at end of period	$	28,245	$	39,267	$	38,573
Estimated fair value of MSRs at end of period	$	28,245	$	45,193	$	50,200

Schedule Of MSR Amortization Expense

Estimated future MSR amortization expense, based on balances as of December 31, 2020, and the estimated remaining lives of the underlying loans, follows (in thousands):

Year
2021	$	6,550
2022	6,091
2023	5,586
2024	5,034
2025	4,429
Beyond 2025	11,055
Total estimated amortization expense	$	38,745