NOTE 6 - MORTGAGE SERVICING RIGHTS (Tables)

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Balances of loans serviced for others and the fair value of mortgage servicing rights

Loans serviced for others are not included in the consolidated balance sheets. Balances of loans serviced for others and the fair value of mortgage servicing rights are as follows:

December 31, (in thousands)		2020		2019
Residential mortgage loans serviced for others	$	134,428	$	106,255
Fair value of mortgage servicing rights		762		813

Changes in mortgage servicing rights

Changes in mortgage servicing rights are as follows:

Years ended December 31, (in thousands)		2020			2019			2018
Mortgage Servicing Rights
Balance, beginning of period	$	238		$	228		$	233
Originated		534			61			43
Amortization (1)		(151	)		(51	)		(48	)
Balance, end of period		621			238			228
Valuation Allowance
Balance, beginning of period		-			-			-
Increase in impairment reserve (1)		(9	)		-			-
Balance, end of period		(9	)		-			-
Mortgage servicing rights, net	$	612		$	238		$	228

(1) Amortization expense and changes in the impairment reserve are recorded in mortgage servicing, net.