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Loan Servicing | 9 Months Ended
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Sep. 30, 2025
Transfers and Servicing [Abstract] |
Loan Servicing | 4. Loan Servicing Loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of such loans were $29.5 million and $31.3 million at September 30, 2025 and December 31, 2024, respectively. Substantially all of these loans were originated by the Bank and sold to third parties on a non-recourse basis with servicing rights retained. These retained servicing rights are recorded as a servicing asset and are initially recorded at fair value (see Note 15, Fair Values of Assets and Liabilities, for more information). Changes to the balance of mortgage servicing rights are recorded in loan servicing fee income in the Company’s consolidated statements of income (loss). The Company’s mortgage servicing activities include: collecting principal, interest and escrow payments from borrowers; making tax and insurance payments on behalf of borrowers; monitoring delinquencies and executing foreclosure proceedings; and accounting for and remitting principal and interest payments to investors. Loan servicing income, including late and ancillary fees, was $6,000 and $7,000 for the three months ended September 30, 2025 and 2024, respectively, and $20,000 and $31,000 for the nine months ended September 30, 2025 and 2024, respectively. The Company's residential mortgage investor loan servicing portfolio is comprised of fixed rate one- to four-family residential mortgage loans concentrated in the Company’s market areas. The following summarizes activity in mortgage servicing rights for the three and nine months ended September 30, 2025 and 2024:
(Dollars in thousands) |  | 2025 |  |  | 2024 |
Balance, June 30, |  | $ | 280 |  |  | $ | 321 |
Additions |  |  | 2 |  |  |  | 7 |
Payoffs |  |  | (3 | ) |  |  | — |
Change in fair value due to change in assumptions |  |  | (12 | ) |  |  | (20 | )
Balance, September 30, |  |  | 267 |  |  |  | 308 |
Balance, January 1, |  |  | 305 |  |  |  | 339 |
Additions |  |  | 5 |  |  |  | 7 |
Payoffs |  |  | (9 | ) |  |  | (7 | )
Change in fair value due to change in assumptions |  |  | (34 | ) |  |  | (31 | )
Balance, September 30, |  | $ | 267 |  |  | $ | 308 |

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI 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