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Mortgage Servicing Rights
 6 Months Ended
Jun. 30, 2024
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 $1.39 billion at June 30, 2024, and $1.37 billion at December 31, 2023. Contractually specified servicing fees of $0.9 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, 2024, respectively. Servicing fees of $0.8 million and $1.7 million were included for the three and six months ended June 30, 2023, respectively.

 

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

 

($ in thousands)  Three Months Ended
June 30,		   Six Months Ended
June 30,		 
   2024   2023   2024   2023 
                 
Balance at beginning of period  $14,191   $13,548   $13,906   $13,503 
Mortgage servicing rights capitalized during the period   654    525    1,031    805 
Mortgage servicing rights amortization during the period   (335)   (334)   (608)   (625)
Net change in valuation allowance   38    (16)   219    40 
Balance at end of period  $14,548   $13,723   $14,548   $13,723 
                     
Valuation allowance:                    
Balance at beginning of period  $46   $121   $227   $177 
Increase (decrease)   (38)   16    (219)   (40)
Balance at end of period  $8   $137   $8   $137 
Fair value, beginning of period  $18,141   $16,911   $17,125   $15,754 
Fair value, end of period  $18,807   $16,645   $18,807   $16,645