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Loan Servicing | 12 Months Ended
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Dec. 31, 2022
Transfers and Servicing [Abstract] |
Loan Servicing | NOTE 6 – LOAN SERVICING The Company has retained servicing rights to Mortgage loans sold to the Federal Home Loan Mortgage Corporation. Mortgage loans serviced for others are not reported as assets. The principal balances of these loans at year-end are as follows:
|  | 2022 |  |  | 2021 |
Mortgage loan portfolio serviced for: |  |  |  |  |  |
FHLMC |  | $ | 532,868 |  |  | $ | 494,688 |
Custodial escrow balances maintained in connection with serviced loans were $4.4 million at December 31, 2022 and $4.0 million at December 31, 2021. Mortgage servicing rights are recorded on the balance sheets as other assets. Activity for mortgage servicing rights for years ended December 31, 2022, 2021 and 2020 are as follows:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Servicing rights: |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 3,403 |  |  | $ | 3,198 |  |  | $ | 1,721 |
Additions |  |  | 960 |  |  |  | 1,556 |  |  |  | 2,429 |
Amortization to expense |  |  | (1,015 | ) |  |  | (1,351 | ) |  |  | (952 | )
Total servicing rights |  | $ | 3,348 |  |  | $ | 3,403 |  |  | $ | 3,198 |
Valuation allowance |  |  | (17 | ) |  |  | 0 |  |  |  | 0 |
Ending balance |  | $ | 3,331 |  |  | $ | 3,403 |  |  | $ | 3,198 |

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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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