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Mortgage Servicing Rights
 9 Months Ended
Sep. 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 $1.41 billion at September 30, 2024, and $1.37 billion at December 31, 2023. Contractually specified 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, 2024, respectively. Servicing fees of $0.9 million and $2.5 million were included for the three and nine months ended September 30, 2023, 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)  2024   2023   2024   2023 
                 
Balance at beginning of period  $14,548   $13,723   $13,906   $13,503 
Mortgage servicing rights capitalized during the period   644    582    1,675    1,388 
Mortgage servicing rights amortization during the period   (370)   (334)   (978)   (960)
Net change in valuation allowance   (465)   (78)   (246)   (38)
Balance at end of period  $14,357   $13,893   $14,357   $13,893 
                     
Valuation allowance:                    
Balance at beginning of period  $8   $137   $227   $177 
Increase (decrease)   465    78    246    38 
                     
Balance at end of period  $473   $215   $473   $215 
                     
Fair value, beginning of period  $18,807   $16,645   $17,125   $15,754 
Fair value, end of period  $18,160   $16,161   $18,160   $16,161