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Mortgage Servicing Rights
 6 Months Ended
Jun. 30, 2020
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 $1.3 billion at June 30, 2020 and $1.2 billion at December 31, 2019. Contractually specified servicing fees of approximately $1.5 million and $1.4 million were included in mortgage loan servicing fees in the consolidated income statement for the six months ended June 30, 2020 and 2019, respectively.


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


($ in thousands)  2020   2019 
         
Carrying amount, January 1  $11,017   $11,365 
Mortgage servicing rights capitalized during the year   2,622    1,011 
Mortgage servicing rights amortization during the year   (2,171)   (714)
Net change in valuation allowance   (3,300)   (1,398)
Carrying amount, June 30  $8,168   $10,264 
           
Valuation allowance:          
January 1  $1,306   $212 
Increase   3,300    1,398 
           
June 30  $4,606   $1,610