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MORTGAGE OPERATIONS (Tables)
 6 Months Ended
Jun. 30, 2023
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, 2023 and December 31, 2022 were as follows:
 
  
June 30, 2023
    
December 31, 2022
  
 
            
Constant prepayment rate
  
7.58
%
    
7.55
%
Discount rate
    
9.50
%
    
9.50
%
Weighted average life (years)
    
7.12
      
7.20
  
Mortgage Servicing Rights Assets
The following table summarizes the Company’s mortgage servicing rights assets as of June 30, 2023 and December 31, 2022. Mortgage servicing rights are included in Interest Receivable and Other Assets on the condensed consolidated balance sheets.
 
  
(in thousands)
  
 
  
December 31, 2022
    
Additions
    
Reductions
    
June 30, 2023
  
 
                        
Mortgage servicing rights
  
$
1,650
    
$
14
    
$
(123
)
  
$
1,541
  
Valuation allowance
    
—
   
—
   
—
      
—
Mortgage servicing rights, net of valuation allowance
  
$
1,650
    
$
14
    
$
(123
)
  
$
1,541