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Note 4 - Mortgage Servicing Rights
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Transfers and Servicing of Financial Assets [Text Block]

Note 4 — Mortgage Servicing Rights

 

The following table presents the activity in the Company’s mortgage servicing rights:

 

  

Six months ended June 30,

 
  

2025

  

2024

 
  

(In Thousands)

 

Mortgage servicing rights at beginning of the period

 $732  $1,811 

Additions

  306   432 

Amortization

  (81)  (187)

Sales

  -   (1,958)

Mortgage servicing rights at end of the period

  957   98 

Valuation allowance (recorded) recovered during the period

  (31)  307 

Mortgage servicing rights at end of the period, net

 $926  $405 

 

The unpaid principal balance of loans serviced for others was $107.3 million and $83.4 million at June 30, 2025 and December 31, 2024, respectively. These loans are not reflected in the consolidated statements of financial condition.

 

The fair value of mortgage servicing rights was $1.2 million at June 30, 2025 and $807,000 at  December 31, 2024, respectively.

 

During the three and six months ended  June 30, 2025, there were no sales of mortgage servicing rights. During the three and six months ended June 30, 2024, the Company sold mortgage servicing rights related to $233.0 million in loans receivable with a book value of $2.0 million for $2.1 million resulting in a gain on sale of $152,000. 

 

The following table shows the estimated future amortization expense for mortgage servicing rights for the periods indicated:

 

  

(In Thousands)

 

Estimate for the annual period ending December 31:

    

2025

 $77 

2026

  169 

2027

  152 

2028

  135 

2029

  118 

Thereafter

  275 

Total

 $926