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MORTGAGE OPERATIONS (Tables)
 6 Months Ended
Jun. 30, 2021
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 June 30, 2021 and December 31, 2020 were as follows:

 
  
June 30, 2021
    
December 31, 2020
  
 
            
Constant prepayment rate
    
17.46
%
    
20.22
%
Discount rate
    
9.50
%
    
10.00
%
Weighted average life (years)
    
4.65
      
3.96
  
Mortgage Servicing Rights Assets
The following table summarizes the Company’s mortgage servicing rights assets as of June 30, 2021 and December 31, 2020. Mortgage servicing rights are included in Interest Receivable and Other Assets on the condensed consolidated balance sheets:

 
  
(in thousands)
  
 
  
December 31, 2020
    
Additions
    
Reductions
    
June 30, 2021
  
 
                        
Mortgage servicing rights
  
$
1,628
    
$
391
    
$
(229
)
  
$
1,790
  
Valuation allowance
    
(386
)
    
—
      
34
      
(352
)
Mortgage servicing rights, net of valuation allowance
  
$
1,242
    
$
391
    
$
(195
)
  
$
1,438