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Mortgage Servicing Rights
 9 Months Ended
Sep. 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 $1.37 billion at September 30, 2023 and $1.35 billion at December 31, 2022. Contractually specified servicing fees of $0.9 million and $2.5 million were included in mortgage loan servicing fees in the consolidated income statement for the three and nine months ended September 30, 2023, respectively. Servicing fees of $0.9 million and $2.6 million were included in mortgage loan servicing fees in the consolidated income statement for the three and nine months ended September 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
September 30,		   Nine Months Ended
September 30,		 
($ in thousands)  2023   2022   2023   2022 
                 
Balance at beginning of period  $13,723   $13,408   $13,503   $12,034 
Mortgage servicing rights capitalized during the period   582    396    1,388    1,684 
Mortgage servicing rights amortization during the period   (334)   (396)   (960)   (1,439)
Net change in valuation allowance   (78)   65    (38)   1,194 
Balance at end of period  $13,893   $13,473   $13,893   $13,473 
                     
Valuation allowance:                    
Balance at beginning of period  $137   $327   $177   $1,456 
Increase (decrease)   78    (65)   38    (1,194)
Balance at end of period  $215   $262   $215   $262 
                     
Fair value, beginning of period  $16,645   $15,135   $15,754   $12,629 
Fair value, end of period  $16,161   $15,460   $16,161   $15,460