XML 25 R15.htm IDEA: XBRL DOCUMENT
v3.23.2

MORTGAGE SERVICING RIGHTS | 6 Months Ended
--- | ---
Jun. 30, 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 | 125 |
Amortization | (356) |
Balance at June 30, 2023 | $ | 8,843 |
Balance at December 31, 2021 | $ | 9,738 |
Additions | 494 |
Amortization | (863) |
Balance at June 30, 2022 | $ | 9,369 |
Income generated as the result of new mortgage servicing rights is reported as gains on sales of loans and totaled $0.1 million and and $0.1 million for the three and six months ended June 30, 2023, respectively, compared to $0.2 million and $0.5 million for the three and six months ended June 30, 2022, respectively. Amortization of mortgage servicing rights totaled $0.2 million and $0.4 million f or the three and six months ended June 30, 2023, respectively, compared to $0.3 million and $0.9 million for the three and six months ended June 30, 2022, respectively. The following tables present the fair market value and key assumptions used in determining the fair market value of our mortgage servicing rights:
(dollars in thousands) | June 30, 2023 |  | June 30, 2022
Fair market value, beginning of year | $ | 12,061 |  |  | $ | 10,504 |
Fair market value, end of period | 12,585 |  |  | 12,047 |
Weighted average discount rate | 9.5 | % |  | 9.5 | %
Weighted average prepayment speed assumption | 10.4 | % |  | 7.5 | %
The carrying values and accumulated amortization related to our mortgage servicing rights are presented below:
| June 30, 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 | $ | 69,538 |  |  | $ | (60,695) |  |  | $ | 8,843 |  |  | $ | 69,413 |  |  | $ | (60,339) |  |  | $ | 9,074 |
Based on the mortgage servicing rights held as of June 30, 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) | $ | 374 |
2024 | 807 |
2025 | 736 |
2026 | 670 |
2027 | 607 |
2028 | 540 |
Thereafter | 5,109 |
Total | $ | 8,843 |
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.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration