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Loan Servicing | 12 Months Ended
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Dec. 31, 2023
Transfers and Servicing [Abstract] |
Loan Servicing | NOTE 6 – LOAN SERVICING The Company has retained servicing rights to mortgage loans sold to both the Federal Home Loan Mortgage Corporation (FHLMC) and the Federal Home Loan Bank (FHLB) of Pittsburgh. Mortgage loans serviced for others are not reported as assets. The principal balances of these loans at year-end are as follows:
|  | 2023 |  |  | 2022 |
Mortgage loan portfolios serviced for: |  |  |  |  |  |
FHLMC |  | $ | 544,140 |  |  | $ | 532,868 |
FHLB Pittsburgh |  |  | 28,405 |  |  |  | 0 |
Ending balance |  | $ | 572,545 |  |  | $ | 532,868 |
Custodial escrow balances maintained in connection with serviced loans were $4.8 million at December 31, 2023 and $4.4 million at December 31, 2022. Mortgage servicing rights are recorded on the balance sheets as other assets. Activity for mortgage servicing rights for years ended December 31, 2023, 2022 and 2021 are as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Servicing rights: |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 3,331 |  |  | $ | 3,403 |  |  | $ | 3,198 |
Additions |  |  | 588 |  |  |  | 960 |  |  |  | 1,556 |
Acquired in merger |  |  | 305 |  |  |  | 0 |  |  |  | 0 |
Amortization to expense |  |  | (735 | ) |  |  | (1,015 | ) |  |  | (1,351 | )
Total servicing rights before valuation allowance |  | $ | 3,489 |  |  | $ | 3,348 |  |  | $ | 3,403 |
Change in valuation allowance |  |  | (37 | ) |  |  | (17 | ) |  |  | 0 |
Ending balance |  | $ | 3,452 |  |  | $ | 3,331 |  |  | $ | 3,403 |
Fair value at year end 2023 was determined using discount rates ranging from 9% to 11% and prepayment speeds ranging from 100 PSA to 418 PSA (Public Securities Association Standard Prepayment Model), depending on the stratification of the specific mortgage servicing right. Fair value at year end 2022 was determined using discount rates ranging from 9% to 11% and prepayment speeds ranging from 105 PSA to 326 PSA, depending on the stratification of the specific mortgage servicing right.

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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 -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (b)(2) -Publisher FASB -URI 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