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Note 17 - Mortgage Banking Activities
12 Months Ended
Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]  
Mortgage Loans on Real Estate, by Loan Disclosure [Text Block]

17. MORTGAGE BANKING ACTIVITIES


Mortgage loans serviced for others are not included in the accompanying consolidated statements of financial condition. The unpaid principal balances of mortgage loans serviced for others were $297,493,516 and $306,821,726 at December 31, 2015 and 2014, respectively. Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors and foreclosure processing. Loan servicing income is recorded on the accrual basis and includes servicing fees from investors and certain charges collected from borrowers, such as late payment fees.


At December 31, 2015 and 2014, mortgage servicing rights reported in the consolidated statements of financial condition, net of amortization, were $1,265,589 and $1,178,115, respectively. During the years ended December 31, 2015 and 2014, the Bank recorded additional servicing assets of $315,122 and $171,702, respectively, as a result of sales of loans or mortgage-backed securities. Amortization of servicing assets during the years ended December 31, 2015 and 2014 aggregated $227,648 and $213,210, respectively. The fair value of recognized servicing assets amounted to approximately $2,301,000 and $2,347,000 as of December 31, 2015 and 2014, respectively. The Bank's significant assumptions used to estimate their fair value include weighted average life, prepayment speeds, and expected costs to transfer servicing to a third party.