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Mortgage Banking and Servicing Rights
 12 Months Ended
Dec. 31, 2023
Mortgage Banking and Servicing Rights [Abstract]  
Mortgage Banking and Servicing Rights

Note 7: Mortgage Banking and 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 $1.4 billion at both December 31, 2023 and 2022. Contractually specified servicing fees of approximately $3.4 million and $3.2 million were included in mortgage loan servicing fees in the consolidated income statement for the years ended December 31, 2023 and 2022, respectively.

 

The following table summarizes mortgage servicing rights capitalized and related amortization, along with activity in the related valuation allowance at December 31:

 

($ in thousands)  2023   2022 
         
Carrying amount, beginning of year  $13,503   $12,034 
Mortgage servicing rights capitalized during the year   1,695    1,939 
Mortgage servicing rights amortization during the year   (1,242)   (1,749)
Net change in valuation allowance   (50)   1,279 
Carrying amount, end of year  $13,906   $13,503 
           
Valuation allowance:          
Beginning of year  $177   $1,456 
Increase (reduction)   50    (1,279)
End of year  $227   $177 
           
Fair value, beginning of period  $15,754   $12,629 
Fair value, end of period  $17,125   $15,754