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MORTGAGE SERVICING RIGHTS | 3 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
MORTGAGE SERVICING RIGHTS | 6. MORTGAGE SERVICING RIGHTS 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 |
Income generated as the result of new MSR is reported as gains on sales of loans and totaled $0.1 million for the three months ended March 31, 2024 and March 31, 2023. Amortization of MSR totaled $0.2 million f or the three months ended March 31, 2024 and March 31, 2023. 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 |  |  |
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 |
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 |
The Company performs an impairment assessment of its MSR whenever events or changes in circumstance indicate that the carrying value of the MSR 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 -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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