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MORTGAGE OPERATIONS (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2022 and December 31, 2021 were as follows:
 
  
September 30, 2022
    
December 31, 2021
  
 
            
Constant prepayment rate
  
8.18
%
    
15.73
%
Discount rate
    
9.00
%
    
9.50
%
Weighted average life (years)
    
6.99
      
4.95
  
Mortgage Servicing Rights Assets
The following table summarizes the Company’s mortgage servicing rights assets as of September 30, 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
    
September 30, 2022
  
 
                        
Mortgage servicing rights
  
$
1,807
    
$
129
    
$
(221
)
  
$
1,715
  
Valuation allowance
    
(276
)
    
—
   
276
      
—
Mortgage servicing rights, net of valuation allowance
  
$
1,531
    
$
129
    
$
55
 
$
1,715