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Mortgage Servicing Rights
 9 Months Ended
Sep. 30, 2017
Mortgage Servicing Rights [Abstract]  
MORTGAGE SERVICING RIGHTS

NOTE 7 – MORTGAGE SERVICING RIGHTS

 

Mortgage loans serviced for others are not included in the accompanying balance sheets. The unpaid principal balance of mortgage loans serviced for others approximated $979.3 million at September 30, 2017 and $899.7 million at December 31, 2016. Contractually specified servicing fees of approximately $1.8 million and $1.5 million were included in mortgage loan servicing fees in the income statement for the periods ending September 30, 2017 and 2016, respectively.

 

The following table summarizes mortgage servicing rights capitalized and related amortization, along with activity in the related valuation allowance:

 

($ in thousands) 2017  2016 
       
Carrying amount, January 1 $8,422  $7,152 
Mortgage servicing rights capitalized during the year  2,042   1,779 
Mortgage servicing rights amortization during the year  (864)  (879)
Net change in valuation allowance  (40)  (1,165)
Carrying amount, September 30 $9,560  $6,887 
         
Valuation allowance:        
January 1 $228  $296 
Increase/(reduction)  40   1,165 
         
September 30 $268  $1,461