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MORTGAGE SERVICING RIGHTS (Tables) | 3 Months Ended
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Mar. 31, 2024
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 ("MSR") for the periods presented:
(dollars in thousands) |
Balance at December 31, 2023 | $ | 8,696 |
Additions | 81 |
Amortization | (178) |
Balance at March 31, 2024 | $ | 8,599 |
Balance at December 31, 2022 | $ | 9,074 |
Additions | 58 |
Amortization | (189) |
Balance at March 31, 2023 | $ | 8,943 |
The following table presents carrying values and accumulated amortization related to MSR as of the dates presented:
| March 31, 2024 |  | December 31, 2023
(dollars in thousands) | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Mortgage servicing rights | $ | 69,821 |  |  | $ | (61,222) |  |  | $ | 8,599 |  |  | $ | 69,740 |  |  | $ | (61,044) |  |  | $ | 8,696 |
Schedule of fair market value and key assumptions used in determining the fair market value of our mortgage servicing rights | The following table presents the fair market value and key assumptions used in determining the fair market value of MSR as of the dates presented:
(dollars in thousands) | March 31, 2024 |  | December 31, 2023 |  |
Fair market value, beginning of year | $ | 12,185 |  |  | $ | 12,061 |  |  |
Fair market value, end of period | 12,134 |  |  | 12,185 |  |  |
Weighted average discount rate | 9.5 | % |  | 9.5 | % |  |
Weighted average prepayment speed assumption | 11.3 |  |  | 11.2 |  |  |
Schedule of estimated amortization expense | The following table presents the estimated amortization expense for the remainder of fiscal year 2024, the next five succeeding fiscal years, and all years thereafter, based on MSR held as of March 31, 2024:
(dollars in thousands) |
Year Ending December 31, |
2024 (remainder) | $ | 617 |
2025 | 829 |
2026 | 748 |
2027 | 674 |
2028 | 603 |
2029 | 531 |
Thereafter | 4,597 |
Total | $ | 8,599 |

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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 -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-2 + 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 -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-2 + Details
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