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CORE DEPOSIT PREMIUM AND MORTGAGE SERVICING RIGHTS
 9 Months Ended
Sep. 30, 2019
OTHER INTANGIBLE ASSETS  
CORE DEPOSIT PREMIUM AND MORTGAGE SERVICING RIGHTS
7. CORE DEPOSIT PREMIUM AND MORTGAGE SERVICING RIGHTS
 
The following table presents changes in core deposit premium and mortgage servicing rights for the periods presented:
 
(dollars in thousands)
Core
Deposit
Premium
 
Mortgage
Servicing
Rights
 
Total
Balance, January 1, 2018
$
2,006

 
$
15,843

 
$
17,849

Additions
—

 
1,204

 
1,204

Amortization
(2,006
)
 
(1,413
)
 
(3,419
)
Balance, September 30, 2018
$
—

 
$
15,634

 
$
15,634

 
 
 
 
 
 
Balance, January 1, 2019
$
—

 
$
15,596

 
$
15,596

Additions
—

 
1,189

 
1,189

Amortization
—

 
(1,727
)
 
(1,727
)
Balance, September 30, 2019
$
—

 
$
15,058

 
$
15,058


 
Income generated as the result of new mortgage servicing rights is reported as gains on sales of loans and totaled $0.4 million and $1.2 million for the three and nine months ended September 30, 2019, respectively, compared to $0.4 million and $1.2 million for the three and nine months ended September 30, 2018, respectively.

Amortization of mortgage servicing rights totaled $0.7 million and $1.7 million for the three and nine months ended September 30, 2019, respectively, compared to $0.5 million and $1.4 million for the three and nine months ended September 30, 2018, respectively.

The following table presents the fair market value and key assumptions used in determining the fair market value of our mortgage servicing rights:
 
 
Nine Months Ended
 
Nine Months Ended
(dollars in thousands)
September 30, 2019
 
September 30, 2018
Fair market value, beginning of period
$
17,696

 
$
17,161

Fair market value, end of period
15,965

 
18,315

Weighted average discount rate
9.5
%
 
9.5
%
Forecasted constant prepayment rate assumption (1)
14.6

 
14.0


 
(1) Represents annualized loan prepayment rate assumption.

The gross carrying value and accumulated amortization related to our core deposit premium and mortgage servicing rights are presented below:
 
 
September 30, 2019
 
December 31, 2018
(dollars in thousands)
Gross
Carrying
Value
 
Accumulated
Amortization
 
Net
Carrying
Value
 
Gross
Carrying
Value
 
Accumulated
Amortization
 
Net
Carrying
Value
Core deposit premium
$
44,642

 
$
(44,642
)
 
$
—

 
$
44,642

 
$
(44,642
)
 
$
—

Mortgage servicing rights
67,202

 
(52,144
)
 
15,058

 
66,013

 
(50,417
)
 
15,596

Total
$
111,844

 
$
(96,786
)
 
$
15,058

 
$
110,655

 
$
(95,059
)
 
$
15,596


 
Based on the mortgage servicing rights held as of September 30, 2019, estimated amortization expense for the remainder of fiscal year 2019, the next five succeeding fiscal years and all years thereafter are as follows (dollars in thousands):
 
Year Ending December 31,
 
2019 (remainder)
$
669

2020
2,373

2021
1,918

2022
1,585

2023
1,319

2024
1,118

Thereafter
6,076

Total
$
15,058


 
We perform an impairment assessment of our mortgage servicing rights whenever events or changes in circumstance indicate that the carrying value of the asset may not be recoverable.