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Mortgage Servicing Rights

6 Months Ended

Jun. 30, 2023

Mortgage Servicing Rights [Abstract]

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