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Mortgage Servicing Rights
 3 Months Ended
Mar. 31, 2019
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 $1.0 billion at March 31, 2019 and $1,084.7 million at December 31, 2018. Contractually specified servicing fees of approximately $0.7 million and $0.6 million were included in mortgage loan servicing fees in the income statement for the periods ending March 31, 2019 and 2018, respectively.

 

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

 

($ in thousands) 2019  2018 
       
Carrying amount, January 1 $11,365  $9,907 
Mortgage servicing rights capitalized during the year  436   443 
Mortgage servicing rights amortization during the year  (255)  (246)
Net change in valuation allowance  (708)  92 
Carrying amount, March 31 $10,838  $10,196 
         
Valuation allowance:        
January 1 $212  $151 
Increase (reduction)  708   (92)
         
March 31 $920  $59