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MORTGAGE SERVICING RIGHTS (Tables) | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of gross carrying value and accumulated amortization related to intangible assets | The following table presents mortgage loans serviced for others by investor, which totaled $1.19 billion and $1.22 billion at September 30, 2024 and December 31, 2023, respectively.
(dollars in thousands) | September 30, 2024 |  | December 31, 2023
Mortgage loan portfolio serviced for: |  |  |
Federal National Mortgage Association (FNMA) | $ | 725,880 |  |  | $ | 736,042 |
Federal Home Loan Mortgage Corporation (FHLMC) | 462,367 |  |  | 485,270 |
Federal Home Loan Banks (FHLB) | 454 |  |  | 483 |
Total loans serviced for others | $ | 1,188,701 |  |  | $ | 1,221,795 |
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 | 400 |
Amortization | (583) |
Balance at September 30, 2024 | $ | 8,513 |
Balance at December 31, 2022 | $ | 9,074 |
Additions | 261 |
Amortization | (538) |
Balance at September 30, 2023 | $ | 8,797 |
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) | September 30, 2024 |  | December 31, 2023 |  |
Fair market value, beginning of year | $ | 12,185 |  |  | $ | 12,061 |  |  |
Fair market value, end of period | 11,637 |  |  | 12,185 |  |  |
Weighted average discount rate | 9.5 | % |  | 9.5 | % |  |
Weighted average prepayment speed assumption | 11.4 |  |  | 11.2 |  |  |

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