LOAN SALES AND MORTGAGE SERVICING RIGHTS

9 Months Ended

Sep. 30, 2024

LOAN SALES AND MORTGAGE SERVICING RIGHTS

LOAN SALES AND MORTGAGE SERVICING RIGHTS

NOTE 8: LOAN SALES AND MORTGAGE SERVICING RIGHTS

The Company retained servicing rights for the majority of the loans sold and recognized mortgage servicing rights in connection with multifamily loan sale transactions that occurred in 2021 and prior.  As of September 30, 2024, mortgage servicing rights totaled $4.0 million with no valuation allowance.  At December 31, 2023, mortgage servicing rights totaled $5.5 million, inclusive of a valuation allowance of $0.3 million.  Mortgage servicing rights are classified as a component of other assets in the accompanying consolidated balance sheets. The amount of loans serviced for others totaled $897 million and $1.0 billion at September 30, 2024 and December 31, 2023, respectively.  Servicing fees collected for the nine-month periods ended September 30, 2024 and 2023 totaled $1.8 million and $1.9 million, respectively.

There were no loan sale or purchase transactions that resulted in the recognition of mortgage servicing rights in 2024 and 2023.