INDEPENDENT BANK CORP
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
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Table 7 - Mortgage Servicing Asset
The following table shows the adjusted cost of the servicing rights associated with these loans and the changes for the periods indicated:
Table 7 - Mortgage Servicing Asset
| 2023 | 2022 | |
|---|---|---|
| (Dollars in thousands) | ||
| Beginning balance | $2,947 | $2,627 |
| Additions | 5 | 8 |
| Amortization | (485) | (649) |
| Change in valuation allowance | 174 | 961 |
| Ending balance | $2,641 | $2,947 |
See Note 9, "Derivatives and Hedging Activities,"within the Notes to Consolidated Financial Statements included in Item 8 of this Report for more information on mortgage activity and mortgage related derivatives.
Loan Portfolio The Company’s loan portfolio at December 31, 2023 increased by $349.4 million, or 2.5%, when compared to December 31, 2022. Loan growth was driven primarily by strong consumer real estate activity in 2023, with the majority of residential real estate originations retained on the balance sheet, leading to an increase of $389.2 million, or 19.1%, within the residential portfolio. Total commercial loans decreased by $45.8 million, or 0.4% compared to December 31, 2022, reflecting disciplined origination activity and decreased line utilizations as compared to prior year.
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