Other Assets (Tables)

3 Months Ended

Mar. 31, 2024

Other Assets.

Schedule of estimated future amortization expense for MSRs

Amortization of mortgage servicing rights (“MSRs”) was $0.3 million for both three months ended March 31, 2024 and 2023. The estimated future amortization expenses for MSRs over the next five years are as follows:

	Estimated
(dollars in thousands)	Amortization
Under one year	$	811
One to two years		720
Two to three years		637
Three to four years		561
Four to five years		497

Schedule of details of the Company's MSRs

	March 31,		December 31,
(dollars in thousands)	2024		2023
Gross carrying amount	$	69,612	$	69,515
Less: accumulated amortization		64,079		63,816
Net carrying value	$	5,533	$	5,699

Schedule of changes in amortized MSRs

	Three Months Ended March 31,
(dollars in thousands)	2024		2023
Balance at beginning of period	$	5,699	$	6,562
Originations		97		17
Amortization		(263)		(280)
Balance at end of period	$	5,533	$	6,299
Fair value of amortized MSRs at beginning of period	$	14,308	$	15,193
Fair value of amortized MSRs at end of period	$	14,071	$	15,169

Schedule of quantitative assumptions used in determining lower of cost or fair value of MSRs

	March 31, 2024							December 31, 2023
						Weighted							Weighted
	Range					Average		Range					Average
Conditional prepayment rate	6.98	%	-	11.34	%	7.08	%	6.87	%	-	11.53	%	7.04	%
Life in years (of the MSR)	4.28		-	7.18		7.05		4.30		-	7.22		7.09
Weighted-average coupon rate	3.63	%	-	5.75	%	3.75	%	3.57	%	-	5.81	%	3.73	%
Discount rate	10.27	%	-	10.58	%	10.52	%	10.40	%	-	10.60	%	10.52	%