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Mortgage Servicing Rights (Tables)
9 Months Ended
Sep. 30, 2024
Transfers and Servicing [Abstract]  
Summary of Principal Balances of Loans

 

 

In Thousands

 

 

 

September 30, 2024

 

 

December 31, 2023

 

Mortgage loan portfolios serviced for:

 

 

 

 

 

 

FHLMC

 

$

107,491

 

 

$

99,441

 

Summary of Servicing Asset at Amortized Cost

 

 

In Thousands

 

 

 

September 30, 2024

 

 

September 30, 2023

 

Balance at beginning of period

 

$

1,083

 

 

$

1,065

 

Servicing rights retained from loans sold

 

 

219

 

 

 

236

 

Amortization

 

 

(230

)

 

 

(167

)

Valuation Allowance Provision

 

 

 

 

 

 

Balance at end of period

 

$

1,072

 

 

 

1,134

 

Fair value, end of period

 

$

1,362

 

 

$

1,527

 

Schedule of Assumptions in Estimating the Fair Value of Mortgage Servicing Rights

 

 

September 30, 2024

 

 

December 31, 2023

 

Prepayment speed

 

 

10.48

%

 

 

7.92

%

Weighted-average life (in years)

 

 

7.43

 

 

 

8.55

 

Weighted-average note rate

 

 

5.02

%

 

 

4.73

%

Weighted-average discount rate

 

 

9.00

%

 

 

9.00

%