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Loans Held for Sale and Loan Servicing Rights
 12 Months Ended
Dec. 31, 2023
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 $1.4 million and $550 thousand as of December 31, 2023 and 2022, 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 $269.4 million and $275.3 million as of December 31, 2023 and 2022, respectively. In connection with these mortgage-servicing activities, the Company administered escrow and other custodial funds which amounted to approximately $4.8 million as of December 31, 2023 and 2022.

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

 

 

 

2023

 

 

2022

 

 

2021

 

Mortgage servicing assets, beginning of year

 

$

1,470

 

 

$

1,518

 

 

$

1,376

 

Originations

 

 

436

 

 

 

210

 

 

 

520

 

Amortization

 

 

(446

)

 

 

(258

)

 

 

(378

)

Mortgage servicing assets, end of year

 

 

1,460

 

 

 

1,470

 

 

 

1,518

 

Valuation allowance

 

 

(78

)

 

 

-

 

 

 

(1

)

Mortgage servicing assets, net, end of year

 

$

1,382

 

 

$

1,470

 

 

$

1,517