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Loan Servicing

12 Months Ended

Dec. 31, 2016

NOTE 5 – LOAN SERVICING

The Company began servicing loans upon the acquisition of First National Bank’s servicing portfolio in June 2015. Mortgage loans serviced for others are not reported as assets. The principal balances of these loans at year-end are as follows:

	2016		2015
Mortgage loan portfolio serviced for:
FHLMC	$	121,274	$	68,605

Custodial escrow balances maintained in connection with serviced loans were $961 thousand at December 31, 2016 and $584 thousand at December 31, 2015.

Activity for mortgage servicing rights for years ended December 31, 2016 and 2015 are as follows:

	2016			2015
Servicing rights:
Beginning balance	$	453		$	347
Additions		611			166
Amortization to expense		(210	)		(60	)
Ending balance	$	854		$	453

There was no valuation allowance required for mortgage servicing rights at December 31, 2016 and 2015.

- 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.

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