Residential Mortgage Servicing Rights

3 Months Ended

Mar. 31, 2024

Transfers and Servicing [Abstract]

Residential Mortgage Servicing Rights

Residential Mortgage Servicing Rights

The Company measures its MSR asset at fair value with changes in fair value reported in residential mortgage banking revenue, net. The following table presents the changes in the Company's residential MSR for the periods indicated: 

	Three Months Ended
(in thousands)	March 31, 2024		March 31, 2023
Balance, beginning of period	$	109,243	$	185,017
Additions for new MSR capitalized	1,237		1,601
Changes in fair value:
Changes due to collection/realization of expected cash flows over time	(3,153)		(4,881)
Changes due to valuation inputs or assumptions (1)	3,117		(2,937)
Balance, end of period	$	110,444	$	178,800

(1) The change in valuation inputs and assumptions principally reflect changes in discount rates and prepayment speeds, which are primarily affected by changes in interest rates.

Information related to the serviced loan portfolio as of the dates presented is as follows: 

(dollars in thousands)	March 31, 2024			December 31, 2023
Balance of loans serviced for others	$	8,081,039		$	8,175,664
MSR as a percentage of serviced loans	1.37		%	1.34		%

The amount of contractually specified servicing fees, late fees, and ancillary fees earned, which is recorded in residential mortgage banking revenue, was $6.0 million for the three months ended March 31, 2024, as compared to $9.4 million for the three months ended March 31, 2023.