Mortgage Servicing Rights (Tables)
 12 Months Ended
Dec. 31, 2013
Mortgage Servicing Rights [Abstract]  
Mortgage Servicing Rights Activity
The following table presents the activity related to the Company's mortgage servicing rights:

 
 
Year ended December 31,
 
 
 
2013
  
2012
 
 
 
(In Thousands)
 
Mortgage servicing rights at beginning of the period
 
$
3,220
  
$
198
 
Additions
  
4,077
   
3,411
 
Amortization
  
(1,125
)
  
(389
)
Sales
  
(2,795
)
  
-
 
Mortgage servicing rights at end of the period
  
3,377
   
3,220
 
Valuation allowance at end of period
  
-
   
-
 
Mortgage servicing rights at the end of the period, net
 
$
3,377
  
$
3,220
 
 

During the twelve months ended December 31, 2013, $1.8 billion in residential loans were originated for sale. During the same period, sales of loans held for sale totaled $1.9 billion, generating mortgage banking income of $80.3 million. The unpaid principal balance of loans serviced for others was $563.7 million and $635.8 million at December 31, 2013 and December 31, 2012 respectively. These loans are not reflected in the consolidated statements of financial condition.

During the twelve months ended December 31, 2013, the Company sold mortgage servicing rights related to $541.6 million in loans receivable and with a book value of $2.8 million for $5.4 million resulting in a gain on sale of $2.6 million. There were no comparable transactions in prior periods.
Estimated Amortization Expense of Mortgage Servicing Rights
The following table shows the estimated future amortization expense for mortgage servicing rights at December 31, 2013 for the periods indicated:

 
 
 
(In Thousands)
 
Estimate for the years ended December 31:
2014
 
$
770
 
 2015
  
670
 
 2016
  
569
 
 2017
  
470
 
 2018
  
369
 
Thereafter
  
529
 
Total
 
$
3,377