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Mortgage Servicing Rights
 3 Months Ended
Mar. 31, 2022
Mortgage Servicing Rights [Abstract]  
MORTGAGE SERVICING RIGHTS

NOTE 6 – 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 $1.38 billion at March 31, 2022 and $1.36 billion at December 31, 2021. Contractually specified servicing fees of $0.9 million and $0.8 million were included in mortgage loan servicing fees in the consolidated income statement for the three months ended March 31, 2022 and 2021, respectively.

 

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

 

   Three Months Ended March 31, 
($ in thousands)  2022   2021 
         
Balance at beginning of period  $12,034   $7,759 
Mortgage servicing rights capitalized during the period   758    1,212 
Mortgage servicing rights amortization during the period   (547)   (1,187)
Net change in valuation allowance   890    2,706 
Balance at end of period  $13,135   $10,490 
           
Valuation allowance:          
Balance at beginning of period  $1,456   $4,892 
Increase (decrease)   (890)   (2,706)
Balance at end of period  $566   $2,186 
           
Fair value, beginning of period  $12,629   $7,759 
Fair value, end of period  $14,433   $11,160