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MORTGAGE OPERATIONS (Tables)
 3 Months Ended
Mar. 31, 2019
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, 2019 and December 31, 2018 were as follows:

 
March 31, 2019
 
December 31, 2018
 
 
 
 
Constant prepayment rate
 
9.00%
 
 
8.58%
Discount rate
 
10.01%
 
 
10.01%
Weighted average life (years)
 
6.60
 
 
6.79
Mortgage Servicing Rights Assets
The following table summarizes the Company’s mortgage servicing rights assets as of March 31, 2019 and December 31, 2018.  Mortgage servicing rights are included in Interest Receivable and Other Assets on the condensed consolidated balance sheets:

 
 
(in thousands)
 
 
 
December 31, 2018
  
Additions
  
Reductions
  
March 31, 2019
 
 
            
Mortgage servicing rights
 
$
1,579
  
$
25
  
$
(68
)
 
$
1,536
 
Valuation allowance
  
—
   
—
   
—
   
—
 
Mortgage servicing rights, net of valuation allowance
 
$
1,579
  
$
25
  
$
(68
)
 
$
1,536