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MORTGAGE SERVICING RIGHTS | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
MORTGAGE SERVICING RIGHTS | MORTGAGE SERVICING RIGHTS Mortgage servicing rights--Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid balances of these loans as of September 30, 2023 and December 31, 2022 were $499,482 and $523,736, respectively, and consisted of one to four family residential real estate loans. These loans are serviced primarily for the Federal Home Loan Mortgage Corporation, Federal Home Loan Bank and the Federal National Mortgage Association. Custodial escrow balances maintained in connection with the foregoing loan servicing, and included in deposits were $6,526 and $2,649 at September 30, 2023 and December 31, 2022, respectively. Mortgage servicing rights activity for the three and nine month periods ended September 30, 2023 and September 30, 2022 were as follows:
|  | As of and for the Three Months Ended |  | As of and for the Three Months Ended |  | As of and for the Nine Months Ended |  | As of and for the Nine Months Ended
|  | September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Mortgage servicing rights: |  |  |  |  |  |  |  |
Mortgage servicing rights, beginning of period |  | $ | 4,008 |  |  | $ | 4,520 |  |  | $ | 4,262 |  |  | $ | 4,727 |
Increase in mortgage servicing rights resulting from transfers of financial assets |  | 86 |  |  | 48 |  |  | 138 |  |  | 275 |
Amortization during the period |  | (150) |  |  | (197) |  |  | (456) |  |  | (631) |
Mortgage servicing rights, end of period |  | 3,944 |  |  | 4,371 |  |  | 3,944 |  |  | 4,371 |
Valuation allowance: |  |  |  |  |  |  |  |
Valuation allowance, beginning of period |  | — |  |  | — |  |  | — |  |  | (566) |
Additions |  | — |  |  | — |  |  | — |  |  | — |
Recoveries |  | — |  |  | — |  |  | — |  |  | 566 |
Valuation allowance, end of period |  | — |  |  | — |  |  | — |  |  | — |
Mortgage servicing rights, net |  | $ | 3,944 |  |  | $ | 4,371 |  |  | $ | 3,944 |  |  | $ | 4,371 |
Fair value of mortgage servicing rights; end of period |  | $ | 5,701 |  |  | $ | 5,795 |  |  | $ | 5,701 |  |  | $ | 5,795 |
The current period change in valuation allowance, if applicable, is included in non-interest expense as mortgage servicing rights expense, net on the consolidated statement of operations. Servicing fees totaled $321 and $346 for the three months ended September 30, 2023 and September 30, 2022, respectively. Servicing fees totaled $976 and $1,049 for the nine months ended September 30, 2023 and September 30, 2022, respectively. Servicing fees are included in loan servicing income on the consolidated statement of operations. Late fees and ancillary fees related to loan servicing are not material. To estimate the fair value of the MSR asset, a valuation model is applied at the loan level to calculate the present value of the expected future cash flows. The valuation model incorporates various assumptions that would impact market participants’ estimations of future servicing income. Central to the valuation model is the discount rate. Fair value at September 30, 2023, was determined using discount rates ranging from 10.125% to 13.125%. Fair value at September 30, 2022, was determined using discount rates ranging from 9% to 12%. Other assumptions utilized in the valuation model include, but are not limited to, prepayment speed, servicing costs, delinquencies, costs of advances, foreclosure costs, ancillary income, and income earned on float and escrow.

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- References No definition available. + Details
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