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Mortgage Loan Servicing | 12 Months Ended
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Dec. 31, 2022
Mortgage Loan Servicing |
Mortgage Loan Servicing | (9) Mortgage Loan Servicing Mortgage loans serviced for others are not reported as assets. The following table provides information on the principal balances of mortgage loans serviced for others: Schedule of Participating Mortgage Loans
(Dollars in thousands) |  | As of December 31, |
|  | 2022 |  |  | 2021 |
FHLMC |  | $ | 685,859 |  |  | $ | 697,484 |
FHLB |  |  | 27,285 |  |  |  | 18,218 |
Total |  | $ | 713,144 |  |  | $ | 715,702 |
Custodial escrow balances maintained in connection with serviced loans were $5.3 million at December 31, 2022 and $5.8 million at December 31 2021. Gross service fee income related to such loans was $1.8 million for the years ended December 31, 2022 and 2021, and $1.5 million for the year ended December 31, 2020, and is included in fees and service charges in the consolidated statements of earnings. Activity for mortgage servicing rights and the related valuation allowance follows: Schedule of Servicing Asset at Amortized Cost
(Dollars in thousands) |  | As of December 31, |
|  | 2022 |  |  | 2021 |
Mortgage servicing rights: |  |  |  |  |  |  |  |
Balance at beginning of year |  | $ | 4,193 |  |  | $ | 3,726 |
Additions |  |  | 818 |  |  |  | 1,946 |
Amortization |  |  | (1,198 | ) |  |  | (1,479 | )
Balance at end of year |  | $ | 3,813 |  |  | $ | 4,193 |
At December 31, 2022 and 2021, there was no valuation allowance related to mortgage servicing rights. The fair value of mortgage servicing rights was $10.3 million and $6.7 million at December 31, 2022 and 2021, respectively. Fair value at December 31, 2022 was determined using discount rate at 9.50%, prepayment speeds ranging from 6.00% to 21.34%, depending on the stratification of the specific mortgage servicing right, and a weighted average default rate of 1.47%. Fair value at December 31, 2021 was determined using discount rates ranging from 9.00% to 12.00%, prepayment speeds ranging from 6.02% to 23.70%, depending on the stratification of the specific mortgage servicing right, and a weighted average default rate of 1.34%. The Company had a mortgage repurchase reserve of $225,000 at December 31, 2022 and $226,000 at December 31, 2021, which represents the Company’s best estimate of probable losses that the Company will incur related to the repurchase of one-to-four family residential real estate loans previously sold or to reimburse investors for credit losses incurred on loans previously sold where a breach of the contractual representations and warranties occurred. The Company did not make any provisions to the reserve, but did charge losses of $1,000 and $9,000 against the reserve during 2022 and 2021, respectively. The Company did not incur any losses charged against the reserve or make any provisions to the reserve during 2020. As of December 31, 2022, the Company had no outstanding mortgage repurchase requests.

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