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Loan Servicing Rights | 12 Months Ended
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Sep. 30, 2022
Transfers and Servicing [Abstract] |
Loan Servicing Rights | Loan 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, 2022, 2021 and 2020 was $406,727,000, $419,675,000 and $418,559,000, respectively. The guaranteed principal amount of SBA loans serviced for others at September 30, 2022, 2021 and 2020 was $3,560,000, $6,761,000 and $8,022,000, respectively. The following is an analysis of the changes in Freddie Mac loan servicing rights for the years ended September 30, 2022, 2021 and 2020 (dollars in thousands):
| 2022 |  | 2021 |  | 2020
Balance, beginning of year | $ | 3,438 |  |  | $ | 2,980 |  |  | $ | 2,206 |
Additions | 578 |  |  | 1,388 |  |  | 1,733 |
Amortization | (1,115) |  |  | (1,022) |  |  | (748) |
Valuation recovery (allowance) | 119 |  |  | 92 |  |  | (211) |
Balance, end of year | $ | 3,020 |  |  | $ | 3,438 |  |  | $ | 2,980 |
At September 30, 2022, 2021 and 2020, the estimated fair value of Freddie Mac servicing rights totaled $5,547,000, $3,656,000 and $3,120,000, respectively. The Freddie Mac servicing rights' fair values at September 30, 2022, 2021 and 2020 were estimated using discounted cash flow analyses with an average discount rates of 9.50%, 9.00% and 9.00%, and average conditional prepayment rates of 6.31%, 12.71% and 14.42%, respectively. At September 30, 2022, there was no valuation allowance. At September 30, 2021 and 2020, there was a valuation allowance of $119,000 and $211,000, respectively. The following is an analysis of the changes in SBA loan servicing rights for the years ended September 30, 2022, 2021 and 2020 (dollars in thousands):
| 2022 |  | 2021 |  | 2020
Balance, beginning of year | $ | 44 |  |  | $ | 115 |  |  | $ | 202 |
Other additions | — |  |  | — |  |  | 13 |
Amortization | (41) |  |  | (89) |  |  | (90) |
Valuation recovery (allowance) | — |  |  | 18 |  |  | (10) |
Balance, end of year | $ | 3 |  |  | $ | 44 |  |  | $ | 115 |
At September 30, 2022, SBA servicing rights were insignificant. At September 2021 and 2020, the estimated fair value of SBA servicing rights totaled $99,000 and $115,000, respectively. The SBA servicing rights' fair values at September 30, 2021 and 2020 were estimated using discounted cash flow analyses with an average discount rate of 15.00% for both years and average conditional prepayment rates of 17.85% and 16.29%, respectively. There was no valuation allowance on SBA servicing rights at September 30, 2022 and 2021.

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