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MORTGAGE SERVICING RIGHTS | 9 Months Ended
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Sep. 30, 2021
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, 2021 |  |  | $ | 11,865 |  |  |
Additions |  |  | 911 |  |  |
Amortization |  |  | (2,800) |  |  |
Balance, September 30, 2021 |  |  | $ | 9,976 |  |  |
Balance, January 1, 2020 |  |  | $ | 14,718 |  |  |
Additions |  |  | 2,269 |  |  |
Amortization |  |  | (4,558) |  |  |
Balance, September 30, 2020 |  |  | $ | 12,429 |  |  |
Income generated as the result of new mortgage servicing rights is reported as gains on sales of loans and totaled $0.2 million and $0.9 million for the three and nine months ended September 30, 2021, respectively, compared to $1.0 million and $2.3 million for the three and nine months ended September 30, 2020, respectively. Amortization of mortgage servicing rights totaled $0.7 million and $2.8 million f or the three and nine months ended September 30, 2021, respectively, compared to $1.3 million and $4.6 million for the three and nine months ended September 30, 2020, respectively. The following tables present 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, 2021 |  | September 30, 2020
Fair market value, beginning of period | $ | 12,003 |  |  | $ | 15,820 |
Fair market value, end of period | 10,352 |  |  | 12,694 |
Weighted average discount rate | 9.6 | % |  | 9.6 | %
Weighted average prepayment speed assumption | 18.0 | % |  | 24.3 | %
The gross carrying value and accumulated amortization related to our mortgage servicing rights are presented below:
| September 30, 2021 |  | December 31, 2020
(dollars in thousands) | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Mortgage servicing rights | $ | 71,820 |  |  | $ | (61,844) |  |  | $ | 9,976 |  |  | $ | 70,909 |  |  | $ | (59,044) |  |  | $ | 11,865 |
Based on the mortgage servicing rights held as of September 30, 2021, estimated amortization expense for the remainder of fiscal year 2021, the next five succeeding fiscal years and all years thereafter are as follows:
(dollars in thousands) |
Year Ending December 31, |
2021 (remainder) | $ | 628 |
2022 | 2,216 |
2023 | 1,776 |
2024 | 1,444 |
2025 | 1,190 |
2026 | 993 |
Thereafter | 1,729 |
Total | $ | 9,976 |
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.

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