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Servicing | 6 Months Ended
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Jun. 30, 2024
Transfers and Servicing [Abstract] |
Servicing | NOTE 5 SERVICING Loans serviced for others are not included in the accompanying Company's consolidated balance sheets. The unpaid principal balances of 1-4 family real estate loans serviced for others were $363.4, $366.9 and $367.8 million at June 30, 2024 and 2023 and at December 31, 2023, respectively. Unpaid principal balances of agricultural real estate loans serviced for others were $138.5, $137.2 and $135.8 million at June 30, 2024, 2023 and at December 31, 2023, respectively. The balance of capitalized servicing rights included in assets at June 30, 2024 and December 31, 2023 for 1-4 family real estate loans, was $3.5 million for both periods. Agricultural real estate loan servicing rights, established in 2023, were $2.0 million and $2.2 million at June 30, 2024 and December 31, 2023, respectively. The capitalized addition of servicing rights is included in net gain on sale of loans on the Company's consolidated statement of income. The fair value of the capitalized servicing rights for 1-4 family real estate loans as of June 30, 2024 and 2023 was $5.3 million and $5.6 million, respectively, and at December 31, 2023 was $5.5 million. Capitalized servicing rights for agricultural real estate loans had a fair value of $2.6 million and $2.3 million as of June 30, 2024 and 2023, respectively, and was $2.2 million at December 31, 2023. 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 for 1-4 family real estate loans of 6.1% and 5.7% were utilized at June 30, 2024 and 2023, respectively, and 6.3% at December 31, 2023. At June 30, 2024, two 1-4 family real estate strata, which included 91 of the total 3,694 loans, were slightly below the carrying value using a discount yield of 6.11% which resulted in the need to establish a $2 thousand valuation allowance. Based on December 2023, the carrying value of eleven agricultural real estate strata, which included 38 of the total 588 loans, using an approximate discount rate of 9.17% were lower than fair value requiring a $5 thousand valuation allowance to be established.
| (In Thousands) |  |  | (In Thousands) |
| Three Months Ended |  |  | Six Months Ended |
| June 30, 2024 |  |  | June 30, 2023 |  |  | June 30, 2024 |  |  | June 30, 2023 |
Beginning Balance | $ | 5,562 |  |  | $ | 4,985 |  |  | $ | 5,655 |  |  | $ | 3,549 |
Capitalized Additions |  | 136 |  |  |  | 814 |  |  |  | 211 |  |  |  | 2,409 |
Amortization |  | (187 | ) |  |  | (162 | ) |  |  | (355 | ) |  |  | (321 | )
Ending Balance, June 30, |  | 5,511 |  |  |  | 5,637 |  |  |  | 5,511 |  |  |  | 5,637 |
Valuation Allowance |  | (7 | ) |  |  | (2 | ) |  |  | (7 | ) |  |  | (2 | )
Servicing Rights net, June 30, | $ | 5,504 |  |  | $ | 5,635 |  |  | $ | 5,504 |  |  | $ | 5,635 |

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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 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(11)) -Publisher 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