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Loan Servicing | 9 Months Ended
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Sep. 30, 2020
Transfers and Servicing of Financial Assets [Abstract] |
Loan Servicing | Loan Servicing Park serviced sold mortgage loans of $1.79 billion at September 30, 2020, $1.45 billion at December 31, 2019 and $1.41 billion at September 30, 2019. At September 30, 2020, $2.0 million of the sold mortgage loans were sold with recourse, compared to $2.3 million at December 31, 2019 and $2.4 million at September 30, 2019. Management closely monitors the delinquency rates on the mortgage loans sold with recourse. At September 30, 2020 and December 31, 2019, management had established reserves of $44,000 and $25,000, respectively, to account for expected losses on loan repurchases. When Park sells mortgage loans with servicing rights retained, these servicing rights are initially recorded at fair value. Park has selected the “amortization method” as permissible within U.S. GAAP, whereby the servicing rights capitalized are amortized in proportion to and over the period of estimated future servicing income with respect to the underlying loan. At the end of each reporting period, the carrying value of MSRs is assessed for impairment with a comparison to fair value. MSRs are carried at the lower of their amortized cost or fair value. The amortization of MSRs is included within "Other service income" in the Consolidated Condensed Statements of Income. Activity for MSRs and the related valuation allowance follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Mortgage servicing rights: |  |  |  |  |  |  |  |
Carrying amount, net, beginning of period |  | $ | 9,505 |  |  | $ | 10,104 |  |  | $ | 10,070 |  |  | $ | 10,178 |
Additions |  | 2,987 |  |  | 722 |  |  | 5,796 |  |  | 1,462 |
Amortization |  | (1,254) |  |  | (534) |  |  | (2,853) |  |  | (1,259) |
Changes in valuation allowance |  | (198) |  |  | (332) |  |  | (1,973) |  |  | (421) |
Carrying amount, net, end of period |  | $ | 11,040 |  |  | $ | 9,960 |  |  | $ | 11,040 |  |  | $ | 9,960 |
Valuation allowance: |  |  |  |  |  |  |  |
Beginning of period |  | $ | 2,600 |  |  | $ | 321 |  |  | $ | 825 |  |  | $ | 232 |
Changes in valuation allowance |  | 198 |  |  | 332 |  |  | 1,973 |  |  | 421 |
End of period |  | $ | 2,798 |  |  | $ | 653 |  |  | $ | 2,798 |  |  | $ | 653 |
Servicing fees included in other service income were $1.0 million and $0.9 million for the three months ended September 30, 2020 and 2019, respectively, and $2.9 million and $2.7 million for the nine months ended September 30, 2020 and 2019, respectively.

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -Subparagraph (c)(3) -URI 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