The following table presents changes in mortgage servicing rights for the periods presented:


(dollars in thousands)	Mortgage Servicing Rights
Balance, January 1, 2022	$	9,738
Additions	276
Amortization	(534)
Balance, March 31, 2022	$	9,480

Balance, January 1, 2021	$	11,865
Additions	461
Amortization	(1,232)
Balance, March 31, 2021	$	11,094

Income generated as the result of new mortgage servicing rights is reported as gains on sales of loans and totaled $0.3 million for the three months ended March 31, 2022, compared to $0.5 million for the three months ended March 31, 2021.

Amortization of mortgage servicing rights totaled $0.5 million for the three months ended March 31, 2022, compared to $1.2 million for the three months ended March 31, 2021.

The following tables present the fair market value and key assumptions used in determining the fair market value of our mortgage servicing rights:


	Three Months Ended			Three Months Ended
(dollars in thousands)	March 31, 2022			March 31, 2021
Fair market value, beginning of period	$	10,504		$	12,003
Fair market value, end of period	11,166			11,673
Weighted average discount rate	9.5		%	9.6		%
Weighted average prepayment speed assumption	18.3		%	17.5		%

The gross carrying value and accumulated amortization related to our mortgage servicing rights are presented below:


	March 31, 2022						December 31, 2021
(dollars in thousands)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value

Mortgage servicing rights	$	72,526	$	(63,046)	$	9,480	$	72,250	$	(62,512)	$	9,738

Based on the mortgage servicing rights held as of March 31, 2022, estimated amortization expense for the remainder of fiscal year 2022, the next five succeeding fiscal years and all years thereafter are as follows:


(dollars in thousands)
Year Ending December 31,
2022 (remainder)	$	1,671
2023	1,837
2024	1,506
2025	1,231
2026	1,026
2027	852
Thereafter	1,357
Total	$	9,480