MORTGAGE OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of assumptions used to estimate fair value of mortgage servicing rights

Key assumptions used in measuring the fair value of mortgage servicing rights as of March 31, 2015 and December 31, 2014 were as follows:

	March 31, 2015			December 31, 2014

Constant prepayment rate		13.20	%		12.12	%
Discount rate		10.06	%		10.06	%
Weighted average life (years)		5.93			6.25

Schedule of mortgage servicing rights assets

The following table summarizes the Company’s mortgage servicing rights assets as of March 31, 2015 and December 31, 2014. Mortgage servicing rights are included in Interest Receivable and Other Assets on the condensed consolidated balance sheets:

	(in thousands)
	December 31, 2014		Additions		Reductions			March 31, 2015

Mortgage servicing rights	$	1,862	$	56	$	(94	)	$	1,824
Valuation allowance		—		—		—			—
Mortgage servicing rights, net of valuation allowance	$	1,862	$	56	$	(94	)	$	1,824