NOTE 5 - MORTGAGE SERVICING RIGHTS

3 Months Ended

Mar. 31, 2022

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, 2022		December 31, 2021
Residential mortgage loans serviced for others	$	142,790	$	140,623
Fair value of mortgage servicing rights		1,267		1,043

Changes in mortgage servicing rights are as follows:

Three months ended March 31, (in thousands)		2022			2021
Mortgage Servicing Rights
Balance, beginning of period	$	700		$	621
Originated		55			193
Amortization (1)		(39	)		(75	)
Balance, end of period	$	716		$	739
Valuation Allowance
Balance, beginning of period		—			(9	)
Decrease in impairment reserve (1)		—			9
Balance, end of period		—			—
Mortgage servicing rights, net	$	716		$	739

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