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MORTGAGE SERVICING RIGHTS
 3 Months Ended
Mar. 31, 2020
OTHER INTANGIBLE ASSETS  
MORTGAGE SERVICING RIGHTS
7. MORTGAGE SERVICING RIGHTS
 
The following table presents changes in mortgage servicing rights for the periods presented:
 
(dollars in thousands)Mortgage
Servicing
Rights
Balance, January 1, 2019$15,596  
Additions222  
Amortization(471) 
Balance, March 31, 2019$15,347  
Balance, January 1, 2020$14,718  
Additions174  
Amortization(1,547) 
Balance, March 31, 2020$13,345  

Income generated as the result of new mortgage servicing rights is reported as gains on sales of loans and totaled $0.2 million for the three months ended March 31, 2020 compared to $0.2 million for the three months ended March 31, 2019.

Amortization of mortgage servicing rights totaled $1.5 million for the three months ended March 31, 2020 compared to $0.5 million for the three months ended March 31, 2019.

The following table presents the fair market value and key assumptions used in determining the fair market value of our mortgage servicing rights:
 
Three Months EndedThree Months Ended
(dollars in thousands)March 31, 2020March 31, 2019
Fair market value, beginning of period$15,820  $17,696  
Fair market value, end of period13,525  16,541  
Weighted average discount rate9.5 %9.5 %
Forecasted constant prepayment rate assumption (1)
16.1 %16.2 %
 
(1) Represents annualized average life loan prepayment rate assumption.
The gross carrying value and accumulated amortization related to our mortgage servicing rights are presented below:
 
 March 31, 2020December 31, 2019
(dollars in thousands)Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value		Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value
Mortgage servicing rights$67,769  $(54,424) $13,345  $67,595  $(52,877) $14,718  
 
Based on the mortgage servicing rights held as of March 31, 2020, estimated amortization expense for the remainder of fiscal year 2020, the next five succeeding fiscal years and all years thereafter are as follows (dollars in thousands):
 
Year Ending December 31,
2020 (remainder)$4,400  
20214,764  
20223,856  
2023325  
2024—  
2025—  
Thereafter—  
Total$13,345  
 
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.