Mortgage Servicing Rights (Tables)

3 Months Ended

Mar. 31, 2020

Summary of Activity in Mortgage Servicing Rights

A summary of activity in the Company’s mortgage servicing rights is presented below:


	Three Months Ended March 31, 2020			Three Months Ended March 31, 2019
	(in thousands)
Mortgage servicing rights beginning balance	$	2,172		$	2,103
Additions		99			79
Amortization		(118	)		(65	)
Valuation Allowance		(217	)		—

Mortgage servicing rights ending balance	$	1,936		$	2,117
Fair value at beginning of period	$	2,404
Fair value at end of period	$	1,958

Summary of Estimated Future Amortization Expense for Mortgage Servicing Rights

The following table summarizes the estimated future amortization expense for mortgage servicing rights for the periods indicated. The projections of amortization expense are based on existing asset balances as of March 31, 2020. The actual amortization expense the Company recognizes in any given period may vary significantly depending on changes in interest rates, market conditions and regulatory requirements.


	(in thousands)
Estimated future amortization as of March 31, 2020:
2020		409
2021		383
2022		358
2023		333
2024		305
Thereafter		148

Total	$	1,936