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Loan Servicing Rights | 12 Months Ended
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Dec. 31, 2020
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Loan Servicing Rights | LOAN SERVICING RIGHTSLoan servicing rights are included in other assets on the balance sheet. At December 31, 2020, loan servicing rights derived from mortgage loans sold with servicing retained totaled $26.7 million, compared to $25.4 million at December 31, 2019. Loans serviced for others are not reported as assets. The principal balance of mortgage loans serviced for others was $3.613 billion at December 31, 2020, compared to $3.445 billion at December 31, 2019. Custodial escrow balances maintained in connection with serviced loans were $16.2 million at December 31, 2020 and $12.7 million at December 31, 2019. The following table summarizes the carrying values and activity related to loan servicing rights and the related valuation allowance:
| Years Ended December 31,
(dollars in thousands) | 2020 |  | 2019 |  | 2018
Balance at beginning of period | $ | 25,399 |  |  | $ | 24,512 |  |  | $ | 24,690 |
Additions (1) | 12,810 |  |  | 6,499 |  |  | 4,264 |
Amortization | (10,085) |  |  | (5,612) |  |  | (4,442) |
Balance before valuation allowance at end of period | 28,124 |  |  | 25,399 |  |  | 24,512 |
Valuation allowance: |  |  |  |  |
Balance at beginning of period | (31) |  |  | (15) |  |  | (29) |
(Additions)/recoveries | (1,376) |  |  | (16) |  |  | 14 |
Balance at end of period | (1,407) |  |  | (31) |  |  | (15) |
Loan servicing rights, net | $ | 26,717 |  |  | $ | 25,368 |  |  | $ | 24,497 |
(1) Additions in 2018 include loan servicing rights of $0.3 million acquired from Klein in November 2018. At December 31, 2020, the fair value of servicing rights was $26.8 million, which was determined using a discount rate of 9% and a conditional prepayment rate of 14%. At December 31, 2019, the fair value of servicing rights was $26.5 million, which was determined using a discount rate of 12% and a conditional prepayment rate of 10%.

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- Definition The entire disclosure for loan servicing rights, which are recorded when loans are sold with servicing retained. + References No definition available. + Details
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