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MORTGAGE OPERATIONS (Tables)
 3 Months Ended
Mar. 31, 2017
MORTGAGE OPERATIONS [Abstract]  
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 March 31, 2017 and December 31, 2016 were as follows:

 
 
March 31, 2017
  
December 31, 2016
 
 
      
Constant prepayment rate
  
11.00
%
  
12.67
%
Discount rate
  
10.02
%
  
10.02
%
Weighted average life (years)
  
6.01
   
5.51
 
Schedule of Mortgage Servicing Rights Assets
The following table summarizes the Company's mortgage servicing rights assets as of March 31, 2017 and December 31, 2016.  Mortgage servicing rights are included in Interest Receivable and Other Assets on the condensed consolidated balance sheets:

 
(in thousands)
 
 
December 31, 2016
 
Additions
 
Reductions
 
March 31, 2017
 
 
        
Mortgage servicing rights
 
$
1,815
  
$
68
  
$
(85
)
 
$
1,798
 
Valuation allowance
  
(21
)
  
—
   
21
   
—
 
Mortgage servicing rights, net of valuation allowance
 
$
1,794
  
$
68
  
$
(64
)
 
$
1,798