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 for 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.