Mortgage Servicing Rights

3 Months Ended

Mar. 31, 2026

Note 7: Mortgage Servicing Rights

Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of mortgage loans serviced for others was $18,469 and $18,881 at March 31, 2026 and December 31, 2025, respectively.

The following summarizes the activity in mortgage servicing rights measured using the fair value method for the three months ended March 31, 2026 and for the year ended December 31, 2025:


	March 31,			December 31,
	2026			2025
Fair value as of the beginning of period	$	208		$	254
Changes in fair value due to changes in valuation inputs or assumptions		—			(46)
Fair value at the end of period	$	208		$	208

The estimated fair value of mortgage servicing rights is determined using a valuation model that calculates the present value of expected future servicing and ancillary income, net of expected servicing costs. The model incorporates various assumptions, such as discount rates and prepayment speeds based on market data from independent organizations. Information about the estimated fair value of mortgage servicing rights at March 31, 2026 and December 31, 2025 follows:


	March 31,			December 31,
	2026			2025
Range of discount rates	9.250-12.250	%		9.250-12.250	%
Range of prepayment speeds (1)	110-318			110-318
Weighted average default rate	0.58	%		0.58	%

Management did not utilize a valuation model to calculate the fair value of mortgage servicing rights at March 31, 2026 but Management determined the change in fair value was not significant to the consolidated financial statements as of March 31, 2026.

- 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.

+ References

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