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MORTGAGE OPERATIONS (Tables)
 9 Months Ended
Sep. 30, 2024
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, 2024 and December 31, 2023 were as follows:
 
  
September 30, 2024
    
December 31, 2023
  
 
            
Constant prepayment rate
    
7.33
%
    
6.09
%
Discount rate
    
10.00
%
    
10.50
%
Weighted average life (years)
    
7.40
      
7.99
  
Mortgage Servicing Rights Assets
The following tables summarize the changes to the Company’s mortgage servicing rights assets as of the periods presented.  Mortgage servicing rights are included in Interest Receivable and Other Assets on the condensed consolidated balance sheets.

 
  
(in thousands)
  
 
  
June 30, 2024
    
Additions
    
Reductions
    
September 30, 2024
  
 
                        
Mortgage servicing rights
  
$
1,387
    
$
16
    
$
(53
)
  
$
1,350
  
Valuation allowance
    
—
      
—
      
—
      
—
  
Mortgage servicing rights, net of valuation allowance
  
$
1,387
    
$
16
    
$
(53
)
  
$
1,350
  

 
  
(in thousands)
  
 
  
December 31, 2023
    
Additions
    
Reductions
    
September 30, 2024
  
 
                        
Mortgage servicing rights
  
$
1,482
    
$
27
    
$
(159
)
  
$
1,350
  
Valuation allowance
    
—
   
—
   
—
      
—
Mortgage servicing rights, net of valuation allowance
  
$
1,482
    
$
27
    
$
(159
)
  
$
1,350