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MORTGAGE SERVICING RIGHTS
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
MORTGAGE SERVICING RIGHTS
6. MORTGAGE SERVICING RIGHTS

Mortgage loans serviced for others are not reported on the Company's consolidated balance sheets. 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, 2024December 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 
Additions400 
Amortization(583)
Balance at September 30, 2024$8,513 
Balance at December 31, 2022$9,074 
Additions261 
Amortization(538)
Balance at September 30, 2023$8,797 
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, 2024December 31, 2023
Fair market value, beginning of year$12,185 $12,061 
Fair market value, end of period11,637 12,185 
Weighted average discount rate9.5 %9.5 %
Weighted average prepayment speed assumption11.4 11.2 

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 September 30, 2024.