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MORTGAGE SERVICING RIGHTS (Tables)

3 Months Ended

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 input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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.

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Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets.

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