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Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of core deposit intangibles and other intangibles The Corporation has CDIs and historically had other intangible assets, both of which are amortized. For CDIs and other intangibles, changes in the gross carrying amount, accumulated amortization, and net book value were as follows:
($ in Thousands)202220212020
Core deposit intangibles
Gross carrying amount at the beginning of the year$88,109 $88,109 $80,730 
Additions during the year— — 7,379 
Accumulated amortization(38,827)(30,016)(21,205)
Net book value$49,282 $58,093 $66,904 
Amortization during the year$8,811 $8,811 $8,749 
Other intangibles
Gross carrying amount at the beginning of the year$— $2,000 $38,970 
Additions during the year— — 200 
Reductions due to sale— (1,317)(17,435)
Accumulated amortization— (683)(20,385)
Net book value$— $— $1,350 
Amortization during the year$— $33 $1,443 
Summary of changes in balance of mortgage servicing rights asset and mortgage servicing rights valuation allowance
A summary of changes in the balance of the MSRs asset under the fair value measurement method for the year ended December 31, 2022 is as follows:
($ in Thousands)2022
Mortgage servicing rights
Mortgage servicing rights at beginning of period$54,862 
Cumulative effect of accounting methodology change2,296 
Balance at beginning of period, adjusted$57,158 
Additions7,279 
Paydowns(9,350)
Valuation:
Change in fair value model assumptions5,715 
Changes in fair value of asset16,549 
Mortgage servicing rights at end of period$77,351 
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)$6,711,820 
Mortgage servicing rights to servicing portfolio1.15 %
Prior to January 1, 2022, the Corporation accounted for its MSRs under the amortization methodology. See Note 1 for the Corporation’s accounting policy for MSRs when they were still under the amortization methodology.
A summary of changes in the balance of the MSRs asset and the MSRs valuation allowance under the amortization methodology for the years ended December 31, 2021 and 2020 is as follows:
($ in Thousands)20212020
Mortgage servicing rights
Mortgage servicing rights at beginning of year$59,967 $67,607 
Additions from acquisition— 1,357 
Additions16,151 13,667 
Amortization(19,436)(22,664)
Mortgage servicing rights at end of year$56,682 $59,967 
Valuation allowance at beginning of year(18,006)(302)
(Additions) recoveries, net16,186 (17,704)
Valuation allowance at end of year(1,820)(18,006)
Mortgage servicing rights, net$54,862 $41,961 
Fair value of mortgage servicing rights$57,259 $41,990 
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)6,994,834 7,743,956 
Mortgage servicing rights, net to servicing portfolio0.78 %0.54 %
Mortgage servicing rights expense(a)
$3,250 $40,369 
(a) Includes the amortization of mortgage servicing rights and additions / recoveries to the valuation allowance of mortgage servicing rights, and is a component of mortgage banking, net on the consolidated statements of income.
Summary of estimated future amortization expense The projections of amortization expense for CDIs and decay for MSRs are based on existing asset balances, the current interest rate environment, and prepayment speeds as of December 31, 2022. The actual expense the Corporation recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements, and events or circumstances that indicate the carrying amount of an asset may not be recoverable. The following table shows the estimated future amortization expense for CDIs and decay for MSRs:
($ in Thousands)Core Deposit IntangiblesMortgage Servicing Rights
Year ending December 31,
2023$8,811 $13,714 
20248,811 10,364 
20258,811 9,238 
20268,811 8,108 
20278,811 7,301 
Beyond 20275,227 28,626 
Total estimated amortization expense and MSRs decay$49,282 $77,351