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Loans Held for Sale and Loan Servicing Rights
 12 Months Ended
Dec. 31, 2019
Loans Held For Sale And Loan Servicing Rights [Abstract]  
Loans Held for Sale and Loan Servicing Rights

(4.)

LOANS HELD FOR SALE AND LOAN SERVICING RIGHTS

Loans held for sale were entirely comprised of residential real estate loans and totaled $4.2 million and $2.9 million as of December 31, 2019 and 2018, respectively.

The Company sells certain qualifying newly originated or refinanced residential real estate loans on the secondary market. Residential real estate loans serviced for others, which are not included in the consolidated statements of financial condition, amounted to $189.8 million and $171.5 million as of December 31, 2019 and 2018, respectively. In connection with these mortgage-servicing activities, the Company administered escrow and other custodial funds which amounted to approximately $3.9 million and $3.7 million as of December 31, 2019 and 2018, respectively.

The activity in capitalized loan servicing assets is summarized as follows for the years ended December 31 (in thousands):

 

 

 

2019

 

 

2018

 

 

2017

 

Mortgage servicing assets, beginning of year

 

$

1,021

 

 

$

990

 

 

$

1,077

 

Originations

 

 

349

 

 

 

298

 

 

 

231

 

Amortization

 

 

(242

)

 

 

(267

)

 

 

(318

)

Mortgage servicing assets, end of year

 

 

1,128

 

 

 

1,021

 

 

 

990

 

Valuation allowance

 

 

-

 

 

 

-

 

 

 

-

 

Mortgage servicing assets, net, end of year

 

$

1,128

 

 

$

1,021

 

 

$

990