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MORTGAGE SERVICING RIGHTS (Tables) | 3 Months Ended
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Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of gross carrying value and accumulated amortization related to intangible assets | The following table presents changes in mortgage servicing rights for the periods presented:
(dollars in thousands) |
Balance at December 31, 2022 | $ | 9,074 |
Additions | 58 |
Amortization | (189) |
Balance at March 31, 2023 | $ | 8,943 |
Balance at December 31, 2021 | $ | 9,738 |
Additions | 276 |
Amortization | (534) |
Balance at March 31, 2022 | $ | 9,480 |
The carrying values and accumulated amortization related to our mortgage servicing rights are presented below:
| March 31, 2023 |  | December 31, 2022
(dollars in thousands) | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Mortgage servicing rights | $ | 69,471 |  |  | $ | (60,528) |  |  | $ | 8,943 |  |  | $ | 69,413 |  |  | $ | (60,339) |  |  | $ | 9,074 |
Schedule of fair market value and key assumptions used in determining the fair market value of our mortgage servicing rights | 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 March 31,
(dollars in thousands) | 2023 |  | 2022
Fair market value, beginning of period | $ | 12,061 |  |  | $ | 10,504 |
Fair market value, end of period | 11,875 |  |  | 11,166 |
Weighted average discount rate | 9.5 | % |  | 9.5 | %
Weighted average prepayment speed assumption | 10.3 | % |  | 18.3 | %
Schedule of estimated amortization expense | Based on the mortgage servicing rights held as of March 31, 2023, estimated amortization expense for the remainder of fiscal year 2023, the next five succeeding fiscal years and all years thereafter are as follows:
(dollars in thousands) |
Year Ending December 31, |
2023 (remainder) | $ | 668 |
2024 | 833 |
2025 | 756 |
2026 | 684 |
2027 | 610 |
2028 | 548 |
Thereafter | 4,844 |
Total | $ | 8,943 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 + Details
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