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Loans Held for Sale and Loan Servicing Rights
 12 Months Ended
Dec. 31, 2022
Loans Held For Sale And Loan Servicing Rights [Abstract]  
Loans Held for Sale and Loan Servicing Rights

(5.) LOANS HELD FOR SALE AND LOAN SERVICING RIGHTS

Loans held for sale were entirely comprised of residential real estate loans and totaled $550 thousand and $6.2 million as of December 31, 2022 and 2021, 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 $275.3 million and $272.7 million as of December 31, 2022 and 2021, respectively. In connection with these mortgage-servicing activities, the Company administered escrow and other custodial funds which amounted to approximately $4.8 million and $4.9 million as of December 31, 2022 and 2021, respectively.

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

 

 

 

2022

 

 

2021

 

 

2020

 

Mortgage servicing assets, beginning of year

 

$

1,518

 

 

$

1,376

 

 

$

1,129

 

Originations

 

 

210

 

 

 

520

 

 

 

601

 

Amortization

 

 

(258

)

 

 

(378

)

 

 

(354

)

Mortgage servicing assets, end of year

 

 

1,470

 

 

 

1,518

 

 

 

1,376

 

Valuation allowance

 

 

-

 

 

 

(1

)

 

 

(56

)

Mortgage servicing assets, net, end of year

 

$

1,470

 

 

$

1,517

 

 

$

1,320