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Servicing | 12 Months Ended
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Dec. 31, 2022
Transfers and Servicing [Abstract] |
Servicing | Note 6 - Servicing Loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of loans serviced for others were $375.6 and $380.8 million at December 31, 2022 and 2021, respectively. The balance of capitalized servicing rights included in other assets at December 31, 2022 and 2021, was $3.5 and $3.6 million, respectively. The capitalized addition of servicing rights is included in net gain on sale of loans on the consolidated statement of income. The fair market value of the capitalized servicing rights as of December 31, 2022 and 2021 was $5.1 million and $3.2 million, respectively. The valuations were completed by stratifying the loans into like groups based on loan type and term. Impairment was measured by estimating the fair value of each stratum, taking into consideration an estimated level of prepayment based upon current market conditions. An average constant prepayment rate of 7.7% and 21.7% were utilized for 2022 and 2021, respectively. All strata did show positive values in 2022 compared to the carrying value using a discount yield of 5.94%. In 2021, all strata did not show positive values compared to carrying value using a discount yield of 1.97% which resulted in the need to establish a $414 thousand valuation allowance. The following summarizes mortgage servicing rights capitalized and amortized during each year:
|  | (In Thousands) |
|  | 2022 |  |  | 2021 |
Beginning of Year |  | $ | 3,571 |  |  | $ | 3,320 |
Capitalized Additions |  |  | 537 |  |  |  | 1,417 |
Amortization |  |  | (559 | ) |  |  | (1,166 | )
Ending Balance, December 31 |  |  | 3,549 |  |  |  | 3,571 |
Valuation Allowance |  |  | - |  |  |  | (414 | )
Mortgage Servicing Rights net, December 31 |  | $ | 3,549 |  |  | $ | 3,157 |

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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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