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MORTGAGE OPERATIONS (Tables)
 9 Months Ended
Sep. 30, 2016
MORTGAGE OPERATIONS [Abstract]  
Schedule of Key Assumptions Used in Measuring the Fair Value of Mortgage Servicing Rights
Key assumptions used in measuring the fair value of mortgage servicing rights as of September 30, 2016 and December 31, 2015 were as follows:

 
September 30, 2016
 
December 31, 2015
 
 
    
Constant prepayment rate
  
15.94
%
  
10.94
%
Discount rate
  
10.03
%
  
10.03
%
Weighted average life (years)
  
4.60
   
6.17
 
Schedule of Mortgage Servicing Rights Assets
The following table summarizes the Company's mortgage servicing rights assets as of September 30, 2016 and December 31, 2015.  Mortgage servicing rights are included in Interest Receivable and Other Assets on the condensed consolidated balance sheets:

 
(in thousands)
 
 
December 31, 2015
 
Additions
 
Reductions
 
September 30, 2016
 
 
        
Mortgage servicing rights
 
$
1,862
  
$
198
  
$
(302
)
 
$
1,758
 
Valuation allowance
  
—
   
(169
)
  
—
   
(169
)
Mortgage servicing rights, net of valuation allowance
 
$
1,862
  
$
29
  
$
(302
)
 
$
1,589