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Mortgage Servicing Rights
 9 Months Ended
Sep. 30, 2018
Mortgage Servicing Rights [Abstract]  
MORTGAGE SERVICING RIGHTS

NOTE 5 – 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 $1.07 billion at September 30, 2018 and $0.99 billion at December 31, 2017. Contractually specified servicing fees of approximately, $1.9 million and $1.8 million were included in mortgage loan servicing fees in the income statement for the periods ending September 30, 2018 and 2017, respectively.

 

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

 

($ in thousands) 2018  2017 
       
Carrying amount, January 1 $9,907  $8,422 
Mortgage servicing rights capitalized during the year  2,288   2,042 
Mortgage servicing rights amortization during the year  (931)  (864)
Net change in valuation allowance  8   (40)
Carrying amount, September 30 $11,272  $9,560 
         
Valuation allowance:        
January 1 $151  $228 
Increase/(reduction)  (8)  40 
         
September 30 $143  $268