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Servicing Rights | 12 Months Ended
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Sep. 30, 2020
Transfers and Servicing [Abstract] |
Servicing Rights | The Company services one- to four-family mortgage loans for Freddie Mac and also provides servicing for secondary market purchasers of the guaranteed portion of SBA loans; such loans are not included in the accompanying consolidated balance sheets. The principal amount of loans serviced for Freddie Mac at September 30, 2020, 2019 and 2018 was $418,559,000, $386,357,000 and $370,928,000, respectively. The guaranteed principal amount of SBA loans serviced for others at September 30, 2020, 2019 and 2018 was $8,022,000, $12,765,000 and $754,000, respectively. The following is an analysis of the changes in Freddie Mac servicing rights for the years ended September 30, 2020, 2019 and 2018 (dollars in thousands):
| 2020 |  | 2019 |  | 2018
Balance, beginning of year | $ | 2,206 |  |  | $ | 2,022 |  |  | $ | 1,823 |
Additions | 1,733 |  |  | 747 |  |  | 687 |
Amortization | (748) |  |  | (563) |  |  | (488) |
Valuation allowance | (211) |  |  | — |  |  | — |
Balance, end of year | $ | 2,980 |  |  | $ | 2,206 |  |  | $ | 2,022 |
At September 30, 2020, 2019 and 2018, the estimated fair value of Freddie Mac servicing rights totaled $3,120,000, $3,694,000 and $4,171,000, respectively. The Freddie Mac servicing rights' fair values at September 30, 2020, 2019 and 2018 were estimated using discounted cash flow analyses with average discount rates of 9.00%, 9.00% and 8.99%, respectively, and average conditional prepayment rates of 14.42%, 11.31% and 8.10%, respectively. At September 30, 2020 there was a valuation allowance of $211,000. At both September 30, 2019 and 2018, there was no valuation allowance on the Freddie Mac servicing rights. The following is an analysis of the changes in SBA servicing rights for the years ended September 30, 2020, 2019 and 2018 (dollars in thousands):
| 2020 |  | 2019 |  | 2018
Balance, beginning of year | $ | 202 |  |  | $ | 6 |  |  | $ | 2 |
Additions due to South Sound Acquisition | — |  |  | 285 |  |  | — |
Other additions | 13 |  |  | 2 |  |  | 7 |
Amortization | (90) |  |  | (83) |  |  | (3) |
Valuation allowance - South Sound Acquisition | — |  |  | (4) |  |  | — |
Valuation allowance | (10) |  |  | (4) |  |  | — |
Balance, end of year | $ | 115 |  |  | $ | 202 |  |  | $ | 6 |
At September 30, 2020 and 2019, the estimated fair value of SBA servicing rights totaled $115,000 and $202,000, respectively. The SBA servicing rights' fair values at September 30, 2020 and 2019 were estimated using discounted cash flow analyses with average discount rates of 15.00% for both years and average conditional prepayment rates of 16.29% and 16.13% respectively. At September 30, 2020 and 2019, there were valuation allowances of $18,000 and $8,000, respectively, on SBA servicing rights. At September 30, 2018, the SBA servicing rights were insignificant.

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