MORTGAGE SERVICING RIGHTS

12 Months Ended

Dec. 31, 2024

MORTGAGE SERVICING RIGHTS [Abstract]

MORTGAGE SERVICING RIGHTS

8. MORTGAGE SERVICING RIGHTS

The following table reflects the changes in fair value of the Company’s mortgage servicing rights asset included in the Consolidated Balance Sheets, and other information related to the serviced portfolio for the periods or dates presented (dollars in thousands):

	Year Ended December 31,
	2024			2023			2022
Beginning balance	$	26,569		$	27,474		$	19,700
Additions		958			1,470			3,069
Valuation adjustment		(1,235	)		(2,375	)		4,705
Ending balance	$	26,292		$	26,569		$	27,474

	December 31,
	2024			2023
Mortgage loans serviced for others	$	1,903,854		$	2,001,476
Mortgage servicing rights assets as a percentage of serviced mortgage loans		1.38	%		1.33	%

The following table reflects the key assumptions used in measuring the fair value of the Company’s mortgage servicing rights as of the dates indicated:

	December 31,
	2024			2023
Weighted average constant prepayment rate		7.16	%		7.46	%
Weighted average discount rate		10.17	%		10.66	%
Weighted average life in years		8.09			8.09