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Note 4 - Mortgage Servicing Rights
 9 Months Ended
Sep. 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:

 

  

Nine months ended September 30,

 
  

2025

  

2024

 
  

(In Thousands)

 

Mortgage servicing rights at beginning of the period

 $732  $1,811 

Additions

  480   640 

Amortization

  (169)  (215)

Sales

  -   (1,958)

Mortgage servicing rights at end of the period

  1,043   278 

Valuation allowance (recorded) recovered during the period

  (4)  213 

Mortgage servicing rights at end of the period, net

 $1,039  $491 

 

The unpaid principal balance of loans serviced for others was $118.3 million and $83.4 million at September 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 $1.3 million at September 30, 2025 and $807,000 at  December 31, 2024, respectively.

 

During the three and nine months ended  September 30, 2025, there were no sales of mortgage servicing rights.  During the the three months ended September 30, 2024, there were no sales of mortgage servicing rights. During the nine months ended September 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

 $43 

2026

  189 

2027

  170 

2028

  151 

2029

  132 

Thereafter

  354 

Total

 $1,039