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Mortgage Servicing Rights | 6 Months Ended
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Jun. 30, 2023
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 $1.35 billion at June 30, 2023 and December 31, 2022. Contractually specified servicing fees of $0.8 million and $1.7 million were included in mortgage loan servicing fees in the consolidated income statement for the three and six months ended June 30, 2023, respectively. Servicing fees of $0.9 million and $1.7 million were included for the three and six months ended June 30, 2022, respectively. The following table summarizes mortgage servicing rights capitalized and related amortization, along with activity in the related valuation allowance:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
($ in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Balance at beginning of period |  | $ | 13,548 |  |  | $ | 13,135 |  |  | $ | 13,503 |  |  | $ | 12,034 |
Mortgage servicing rights capitalized during the period |  |  | 525 |  |  |  | 530 |  |  |  | 805 |  |  |  | 1,288 |
Mortgage servicing rights amortization during the period |  |  | (334 | ) |  |  | (496 | ) |  |  | (625 | ) |  |  | (1,043 | )
Net change in valuation allowance |  |  | (16 | ) |  |  | 239 |  |  |  | 40 |  |  |  | 1,129 |
Balance at end of period |  | $ | 13,723 |  |  | $ | 13,408 |  |  | $ | 13,723 |  |  | $ | 13,408 |
Valuation allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 121 |  |  | $ | 566 |  |  | $ | 177 |  |  | $ | 1,456 |
Increase (decrease) |  |  | 16 |  |  |  | (239 | ) |  |  | (40 | ) |  |  | (1,129 | )
Balance at end of period |  | $ | 137 |  |  | $ | 327 |  |  | $ | 137 |  |  | $ | 327 |
Fair value, beginning of period |  | $ | 16,911 |  |  | $ | 14,433 |  |  | $ | 15,754 |  |  | $ | 12,629 |
Fair value, end of period |  | $ | 16,645 |  |  | $ | 15,135 |  |  | $ | 16,645 |  |  | $ | 15,135 |

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- Definition The entire disclosure for mortgage servicing rights. + References No definition available. + Details
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