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MORTGAGE OPERATIONS (Tables)
 3 Months Ended
Mar. 31, 2022
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, 2022 and December 31, 2021 were as follows:

 
  
March 31,
2022
    
December 31,
2021
  
 
            
Constant prepayment rate
    
10.16
%
    
15.73
%
Discount rate
    
9.50
%
    
9.50
%
Weighted average life (years)
    
6.31
      
4.95
  
Mortgage Servicing Rights Assets
The following table summarizes the Company’s mortgage servicing rights assets as of March 31, 2022 and December 31, 2021. Mortgage servicing rights are included in Interest Receivable and Other Assets on the condensed consolidated balance sheets:

 
  
(in thousands)
  
 
  
December 31,
2021
    
Additions
    
Reductions
    
March 31,
2022
  
 
                        
Mortgage servicing rights
  
$
1,807
    
$
60
    
$
(82
)
  
$
1,785
  
Valuation allowance
    
(276
)
    
—
      
276
      
—
Mortgage servicing rights, net of valuation allowance
  
$
1,531
    
$
60
    
$
194
 
$
1,785