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Loan Servicing | 12 Months Ended
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Dec. 31, 2023
Receivables [Abstract] |
Loan Servicing | Loan Servicing Mortgage loans sold to and serviced for others are not included in the accompanying statements of financial condition. The unpaid principal balances of these loans as of December 31 of the years indicated are summarized as follows:
(dollars in thousands) |  | 2023 |  | 2022
Mortgage loans sold to Federal Home Loan Mortgage Corporation without recourse |  | $ | 1,251 |  |  | $ | 1,465 |
Mortgage loans sold to Federal National Mortgage Association without recourse |  | 37,614 |  |  | 43,059 |
Mortgage loans sold to Federal Home Loan Bank without recourse |  | 138 |  |  | 151 |
Total, end of period |  | $ | 39,003 |  |  | $ | 44,675 |
The Company no longer retains servicing rights for mortgage loans sold. Custodial and escrow account balances maintained in connection with the foregoing loan servicing arrangements were $1,049,000 and $1,036,000 as of December 31, 2023 and 2022, respectively. During 2023, the Company sold $8,936,000 of SBA guaranteed portion of loans originated and retained the servicing rights. The portion of SBA loans serviced for others are not included in the Consolidated Statements of Financial Condition. The unpaid principal balance of SBA loans serviced for others was $20,502,000 and $19,463,000 at December 31, 2023 and December 31, 2022, respectively. The Company acquired approximately $24,449,000 of SBA loans with guaranteed portions sold in the Friendswood acquisition. SBA servicing assets are recognized separately when rights are acquired through the sale of the SBA guaranteed. These servicing rights are initially measured at fair value at the date of sale and included in the gain on sale of loans recorded in the Consolidated Statements of Income. The servicing assets will amortize over the estimated net servicing life of the loans. Changes in the carrying value of servicing assets are recorded in service fees and charges on the Consolidated Statements of Income. Activity related to servicing assets for SBA loans for the years ended December 31, 2023, 2022 and 2021 is summarized as follows.
(dollars in thousands) |  | 2023 |  | 2022 |  | 2021
Balance, beginning of period |  | $ | — |  |  | $ | — |  |  | $ | — |
Recognition of SBA servicing asset |  | 132 |  |  | — |  |  | — |
Amortization |  | (8) |  |  | — |  |  | — |
Balance, end of period |  | 124 |  |  | — |  |  | — |
Fair value, end of period |  | $ | 130 |  |  | $ | — |  |  | $ | — |
The fair value adjustments to servicing rights are mainly due to market-based assumptions associated with discounted cash flows, loan prepayment speeds, and changes in interest rates. A significant change in prepayments of the loans in the servicing portfolio could result in significant changes in the valuation adjustments, thus creating potential volatility in the carrying amount of the servicing rights. The Company assumed a weighted average prepayment rate of 11.60%, weighted average term of 6.67 years, and a weighted average discount rate of 14.50% at December 31, 2023.

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