Mortgage Servicing Rights (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020			Three Months Ended September 30, 2019			Nine Months Ended September 30, 2020			Nine Months Ended September 30, 2019
	(in thousands)						(in thousands)
Mortgage servicing rights beginning balance	$	1,587		$	2,263		$	2,172		$	2,103
Additions		232			77			578			406
Amortization		(199	)		(139	)		(560	)		(308	)
Increase in valuation allowance		(5	)		—			(575	)		—

Mortgage servicing rights ending balance	$	1,615		$	2,201		$	1,615		$	2,201

Fair value at beginning of period	$	1,587		$	2,891		$	2,404		$	3,371
Fair value at end of period	$	1,615		$	2,407		$	1,615		$	2,407

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 September 30, 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 September 30, 2020:
2020	$	341
2021		320
2022		299
2023		278
2024		254
Thereafter		123

Total	$	1,615