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Mortgage Servicing Rights
 3 Months Ended
Mar. 31, 2021
Mortgage Servicing Rights [Abstract]  
MORTGAGE SERVICING RIGHTS

NOTE 7 – MORTGAGE SERVICING RIGHTS


Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balance of mortgage loans serviced for others approximated $1.3 billion at March 31, 2021 and $1.3 billion at December 31, 2020. Contractually specified servicing fees of approximately $0.8 million and $0.8 million were included in mortgage loan servicing fees in the consolidated income statement for the three months ended March 31, 2021 and 2020, respectively.


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


($ in thousands)  2021   2020 
         
Carrying amount, January 1  $7,759   $11,017 
Mortgage servicing rights capitalized during the year   1,212    766 
Mortgage servicing rights amortization during the year   (1,187)   (597)
Net change in valuation allowance   2,706    (2,212)
Carrying amount, March 31  $10,490   $8,974 
           
Valuation allowance:          
January 1  $4,892   $1,306 
Increase (decrease)   (2,706)   2,212 
           
March 31  $2,186   $3,518