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Mortgage Servicing Rights
 9 Months Ended
Sep. 30, 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 $1.2 billion at September 30, 2019 and $1.1 billion at December 31, 2018. Contractually specified servicing fees of approximately $2.1 million and $2.0 million were included in mortgage loan servicing fees in the income statement for the nine months ended September 30, 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   1,895    2,288 
Mortgage servicing rights amortization during the year   (1,415)   (931)
Net change in valuation allowance   (1,398)   8 
Carrying amount, September 30  $10,447   $11,272 
           
Valuation allowance:          
January 1  $212   $151 
Increase (reduction)   1,398    (8)
           
September 30  $1,610   $143