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Mortgage Servicing Rights (Tables)
 12 Months Ended
Dec. 31, 2020
Transfers and Servicing [Abstract]  
Servicing Asset at Amortized Cost
The following summarizes the Corporation’s activity related to MSRs for the years ended December 31:
(dollars in thousands)202020192018
Balance, January 1$4,450 $5,047 $5,861 
Additions— — 16 
Amortization(1,225)(576)(803)
Impairment(599)(21)(27)
Balance, December 31$2,626 $4,450 $5,047 
Fair value$2,632 $4,838 $6,277 
Residential mortgage loans serviced for others$370,703 $502,832 $578,788 
Schedule of Valuation Allowance for Impairment of Recognized Servicing Assets
The following summarizes the Corporation’s activity related to changes in the impairment valuation allowance of MSRs for the years ended December 31:
(dollars in thousands)202020192018
Balance, January 1$(1,808)$(1,787)$(1,760)
Impairment(652)(70)(103)
Recovery53 49 76 
Balance, December 31$(2,407)$(1,808)$(1,787)
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets As of December 31, 2020 and 2019, key economic assumptions and the sensitivity of the current fair value of MSRs to immediate 10 and 20 percent adverse changes in those assumptions are as follows:
December 31,
(dollars in thousands)20202019
Fair value amount of MSRs$2,632 $4,838 
Weighted average life (in years)4.96.0
Prepayment speeds (constant prepayment rate)(1)
13.1 %10.5 %
Impact on fair value:
10% adverse change$(141)$(149)
20% adverse change$(273)$(297)
Discount rate9.56 %9.55 %
Impact on fair value:
10% adverse change$(81)$(166)
20% adverse change$(156)$(321)

(1) Represents the weighted average prepayment rate for the life of the MSR asset.