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Loan Servicing Rights | 9 Months Ended
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Sep. 30, 2021
Transfers and Servicing [Abstract] |
Loan Servicing Rights | LOAN SERVICING RIGHTSLoan servicing rights are included in other assets on the balance sheet. At September 30, 2021, loan servicing rights derived from mortgage loans sold with servicing retained totaled $29.2 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 $3.618 billion at September 30, 2021, compared to $3.613 billion at December 31, 2020. Custodial escrow balances maintained in connection with serviced loans were $43.8 million at September 30, 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 September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Balance at beginning of period | $ | 28,886 |  |  | $ | 26,288 |  |  | $ | 28,124 |  |  | $ | 25,399 |
Additions | 2,671 |  |  | 4,446 |  |  | 8,842 |  |  | 9,849 |
Amortization | (2,236) |  |  | (2,885) |  |  | (7,645) |  |  | (7,399) |
Balance before valuation allowance at end of period | 29,321 |  |  | 27,849 |  |  | 29,321 |  |  | 27,849 |
Valuation allowance: |  |  |  |  |  |  |
Balance at beginning of period | (105) |  |  | (2,253) |  |  | (1,407) |  |  | (31) |
(Additions)/recoveries | 5 |  |  | (95) |  |  | 1,307 |  |  | (2,317) |
Balance at end of period | (100) |  |  | (2,348) |  |  | (100) |  |  | (2,348) |
Loan servicing rights, net | $ | 29,221 |  |  | $ | 25,501 |  |  | $ | 29,221 |  |  | $ | 25,501 |
At September 30, 2021, the fair value of servicing rights was $31.9 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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