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Loan Servicing Rights | 3 Months Ended
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Mar. 31, 2021
Transfers and Servicing [Abstract] |
Loan Servicing Rights | LOAN SERVICING RIGHTSLoan servicing rights are included in other assets on the balance sheet. At March 31, 2021, loan servicing rights derived from mortgage loans sold with servicing retained totaled $28.1 million, compared to $26.7 million at December 31, 2020. Loans serviced for others are not reported as assets. The principal balance of mortgage loans serviced for others was $3.597 billion at March 31, 2021, compared to $3.613 billion at December 31, 2020. Custodial escrow balances maintained in connection with serviced loans were $32.9 million at March 31, 2021 and $16.2 million at December 31, 2020. The following table summarizes the carrying values and activity related to loan servicing rights and the related valuation allowance:
| Three Months Ended March 31, |  |
(dollars in thousands) | 2021 |  | 2020 |  |  |  |
Balance at beginning of period | $ | 28,124 |  |  | $ | 25,399 |  |  |  |  |
Additions | 3,113 |  |  | 1,731 |  |  |  |  |
Amortization | (2,975) |  |  | (1,555) |  |  |  |  |
Balance before valuation allowance at end of period | 28,262 |  |  | 25,575 |  |  |  |  |
Valuation allowance: |  |  |  |  |  |  |
Balance at beginning of period | (1,407) |  |  | (31) |  |  |  |  |
(Additions)/recoveries | 1,261 |  |  | (1,412) |  |  |  |  |
Balance at end of period | (146) |  |  | (1,443) |  |  |  |  |
Loan servicing rights, net | $ | 28,116 |  |  | $ | 24,132 |  |  |  |  |
At March 31, 2021, the fair value of servicing rights was $30.7 million, which was determined using a discount rate of 9% and a conditional prepayment rate of 11%. 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%.

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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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- References No definition available. + Details
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