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MORTGAGE SERVICING RIGHTS | 6 Months Ended
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Jun. 30, 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 | 310 |
Amortization | (370) |
Balance at June 30, 2024 | $ | 8,636 |
Balance at December 31, 2022 | $ | 9,074 |
Additions | 125 |
Amortization | (356) |
Balance at June 30, 2023 | $ | 8,843 |
Income generated as the result of new MSR is reported as gains on sales of loans and totaled $0.2 million and $0.3 million for the three and six months ended June 30, 2024, respectively, compared to $0.1 million and $0.1 million for the three and six months ended June 30, 2023, respectively. Amortization of mortgage servicing rights totaled $0.2 million and $0.4 million f or the three and six months ended June 30, 2024, respectively, compared to $0.2 million and $0.4 million for the three and six months ended June 30, 2023, respectively. 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) | June 30, 2024 |  | December 31, 2023 |  |
Fair market value, beginning of year | $ | 12,185 |  |  | $ | 12,061 |  |  |
Fair market value, end of period | 12,151 |  |  | 12,185 |  |  |
Weighted average discount rate | 9.5 | % |  | 9.5 | % |  |
Weighted average prepayment speed assumption | 11.0 |  |  | 11.2 |  |  |
The following table presents carrying values and accumulated amortization related to MSR as of the dates presented:
| June 30, 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 | $ | 70,050 |  |  | $ | (61,414) |  |  | $ | 8,636 |  |  | $ | 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 June 30, 2024:
(dollars in thousands) |
Year Ending December 31, |
2024 (remainder) | $ | 418 |
2025 | 893 |
2026 | 803 |
2027 | 719 |
2028 | 642 |
2029 | 563 |
Thereafter | 4,598 |
Total | $ | 8,636 |
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. The Company noted no impairment or triggering events related to its MSR at June 30, 2024.

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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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