NOTE 5 - MORTGAGE SERVICING RIGHTS

3 Months Ended

Mar. 31, 2021

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

NOTE 5 - MORTGAGE SERVICING RIGHTS

NOTE 5 - MORTGAGE SERVICING RIGHTS

(in thousands)		March 31, 2021		December 31, 2020
Residential mortgage loans serviced for others	$	145,474	$	134,428
Fair value of mortgage servicing rights		936		762

Changes in mortgage servicing rights are as follows:

Three months ended March 31, (in thousands)		2021			2020
Mortgage Servicing Rights
Balance, beginning of period	$	621		$	238
Originated		193			33
Amortization (1)		(75	)		(16	)
Balance, end of period	$	739		$	255
Valuation Allowance
Balance, beginning of period		(9	)		-
Decrease in impairment reserve (1)		9
Balance, end of period		-
Mortgage servicing rights, net	$	739		$	255

⁽¹⁾ Amortization expense and changes in the impairment reserve are recorded in mortgage servicing, net.