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Mortgage Servicing Rights

3 Months Ended

Mar. 31, 2024

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 $1.37 billion at March 31, 2024, and December 31, 2023. Contractually specified servicing fees of $0.8 million were included in mortgage loan servicing fees in the consolidated income statement for the three months ended March 31, 2024 and 2023.

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)	2024			2023

Carrying amount, beginning of year	$	13,906		$	13,503
Mortgage servicing rights capitalized during the year		377			280
Mortgage servicing rights amortization during the year		(273	)		(291	)
Net change in valuation allowance		181			56
Carrying amount, end of year	$	14,191		$	13,548

Valuation allowance:
Beginning of year	$	227		$	177
Increase (reduction)		(181	)		(56	)

End of year	$	46		$	121

Fair value, beginning of period	$	17,125		$	15,754
Fair value, end of period	$	18,141		$	16,911