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MORTGAGE SERVICING RIGHTS | 3 Months Ended
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Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
MORTGAGE SERVICING RIGHTS | 7. MORTGAGE SERVICING RIGHTS 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 |
Income generated as the result of new mortgage servicing rights is reported as gains on sales of loans and totaled $0.1 million for the three months ended March 31, 2023, compared to $0.3 million for the three months ended March 31, 2022. Amortization of mortgage servicing rights totaled $0.2 million f or the three months ended March 31, 2023, compared to $0.5 million for the three months ended March 31, 2022. 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 | %
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 |
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 |
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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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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