Mortgage banking activities

12 Months Ended

Dec. 31, 2015

Net MSRs, as included in Other Assets, at December 31, 2015 and 2014 were $2.2 million. Transactions in the Company’s MSRs for the years ended December 31, 2015 and 2014 were as follows (dollars in thousands).



	2015			2014
Balance at beginning of year	$	2,248		$	2,232
Additions	631			685
Amortization	(693		)	(669		)
Change in valuation allowance	—			—
Balances at end of year	$	2,186		$	2,248

Mortgage banking income, net, consisted of the following for the periods shown (dollars in thousands):



	2015			2014			2013
Origination and processing fees	$	614		$	748		$	651
Gain on sales of mortgage loans, net	2,007			1,539			3,337
MSR valuation allowance	—			—			157
Servicing fees, net	689			678			515
Amortization	(693		)	(669		)	(399		)
Mortgage banking income, net	$	2,617		$	2,296		$	4,261

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

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