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Loan Servicing Rights | 12 Months Ended
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Sep. 30, 2023
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, 2023, 2022 and 2021 was $384,619,000, $406,727,000 and $419,675,000, respectively. The guaranteed principal amount of SBA loans serviced for others at September 30, 2023, 2022 and 2021 was $1,882,000, $3,560,000 and $6,761,000, respectively. The following is an analysis of the changes in Freddie Mac loan servicing rights for the years ended September 30, 2023, 2022 and 2021 (dollars in thousands):
| 2023 |  | 2022 |  | 2021
Balance, beginning of year | $ | 3,020 |  |  | $ | 3,438 |  |  | $ | 2,980 |
Additions | 113 |  |  | 578 |  |  | 1,388 |
Amortization | (1,009) |  |  | (1,115) |  |  | (1,022) |
Valuation recovery | — |  |  | 119 |  |  | 92 |
Balance, end of year | $ | 2,124 |  |  | $ | 3,020 |  |  | $ | 3,438 |
At September 30, 2023, 2022 and 2021, the estimated fair value of Freddie Mac servicing rights totaled $5,469,000, $5,547,000 and $3,656,000, respectively. The Freddie Mac servicing rights' fair values at September 30, 2023, 2022 and 2021 were estimated using discounted cash flow analyses with an average discount rates of 9.50%, 9.50% and 9.00%, and average conditional prepayment rates of 6.23%, 6.31% and 12.71%, respectively. At September 30, 2023 and 2022, there was no valuation allowance. At September 30, 2021, there was a valuation allowance of $92,000, respectively. The following is an analysis of the changes in SBA loan servicing rights for the years ended September 30, 2023, 2022 and 2021 (dollars in thousands):
| 2023 |  | 2022 |  | 2021
Balance, beginning of year | $ | 3 |  |  | $ | 44 |  |  | $ | 115 |
Amortization | (3) |  |  | (41) |  |  | (89) |
Valuation recovery | — |  |  | — |  |  | 18 |
Balance, end of year | $ | — |  |  | $ | 3 |  |  | $ | 44 |
At September 30, 2023 and 2022, SBA servicing rights were insignificant. At September 30, 2021, the estimated fair value of SBA servicing rights totaled $99,000. The SBA servicing rights' fair values at September 30, 2021 were estimated using discounted cash flow analyses with an average discount rate of 15.00% and average conditional prepayment rates of 17.85%. There was no valuation allowance on SBA servicing rights at September 30, 2023, 2022 and 2021.

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