Mortgage Servicing Rights

9 Months Ended

Sep. 30, 2019

Mortgage Servicing Rights [Abstract]

Note 5— Mortgage Servicing Rights

The following table presents the activity in the Company’s mortgage servicing rights:

	Nine months ended September 30,
	2019			2018
	(In Thousands)
Mortgage servicing rights at beginning of the period	$	109		$	888
Additions		225			357
Amortization		(68	)		(146	)
Sales		-			-
Mortgage servicing rights at end of the period		266			1,099
Valuation allowance at end of period		(99	)		-
Mortgage servicing rights at end of the period, net	$	167		$	1,099

During the nine months ended September 30, 2019, $2.09 billion in residential loans were originated for sale on a consolidated basis. During the same period, sales of loans held for sale totaled $2.09 billion, generating mortgage banking income of $93.5 million. The unpaid principal balance of loans serviced for others was $37.7 million and $14.1 million at September 30, 2019 and December 31, 2018, respectively. These loans are not reflected in the consolidated statements of financial condition.

The fair value of mortgage servicing rights were $180,000 at September 30, 2019 and $1.6 million at September 30, 2018. During the nine months ended September 30, 2019 and September 30, 2018, the Company did not sell any mortgage servicing rights.

The following table shows the estimated future amortization expense for mortgage servicing rights for the periods indicated:

Estimate for the period ending December 31:	(In Thousands)
2019	$	10
2020		31
2021		28
2022		24
2023		21
Thereafter		53
Total	$	167