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Servicing | 6 Months Ended
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Jun. 30, 2025
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 $362.8, $363.4 and $364.3 million at June 30, 2025 and 2024 and at December 31, 2024, respectively. Unpaid principal balances of agricultural real estate loans serviced for others were $146.8, $138.5 and $141.9 million at June 30, 2025 and 2024 and at December 31, 2024, respectively. The balance of capitalized servicing rights included in assets at June 30, 2025 and 2024 and at December 31, 2024 for 1-4 family real estate loans, was $3.5 million for all three periods. Agricultural real estate loan servicing rights were $2.3, $2.0 and $2.1 million at June 30, 2025 and 2024 and at December 31, 2024, respectively. The capitalized addition of servicing rights is included in loan servicing income 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, 2025 and 2024 was $4.7 million and $5.3 million, respectively, and at December 31, 2024 was $4.8 million. Capitalized servicing rights for agricultural real estate loans had a fair value of $2.3 million and $2.6 million as of June 30, 2025 and 2024, respectively, and was $2.7 million at December 31, 2024. 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 7.7% and 6.1% were utilized at June 30, 2025 and 2024, respectively, and 8.1% at December 31, 2024. Agricultural real estate loans utilize an average constant prepayment rate based on the Bank's last twelve months of data. The average constant prepayment rate was 0.447% and 0.215% for fixed rate agricultural real estate loans at June 30, 2025 and 2024, respectively, compared to 0.184% at December 31, 2024. At June 30, 2025, two 1-4 family real estate strata, which included 77 of the total 3,629 loans, were slightly below the carrying value using a discount yield of 5.52% which resulted in the need to establish a $3 thousand valuation allowance. At June 30, 2025, the carrying value of twelve agricultural real estate strata, which included 147 of the total 643 loans, using an approximate discount rate of 8.37% were lower than fair value requiring an $84 thousand valuation allowance to be established. The following table presents the activity in the mortgage servicing rights for the three and six months ended June 30, 2025 and 2024.
| (In Thousands) |  |  | (In Thousands) |
| Three Months Ended |  |  | Six Months Ended |
| June 30, 2025 |  |  | June 30, 2024 |  |  | June 30, 2025 |  |  | June 30, 2024 |
Beginning Balance | $ | 5,853 |  |  | $ | 5,562 |  |  | $ | 5,753 |  |  | $ | 5,655 |
Capitalized Additions |  | 239 |  |  |  | 136 |  |  |  | 515 |  |  |  | 211 |
Amortization |  | (195 | ) |  |  | (187 | ) |  |  | (371 | ) |  |  | (355 | )
Ending Balance, June 30, |  | 5,897 |  |  |  | 5,511 |  |  |  | 5,897 |  |  |  | 5,511 |
Valuation Allowance |  | (87 | ) |  |  | (7 | ) |  |  | (87 | ) |  |  | (7 | )
Servicing Rights net, June 30, | $ | 5,810 |  |  | $ | 5,504 |  |  | $ | 5,810 |  |  | $ | 5,504 |

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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 815 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI 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