Other Assets (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 and 2023 and $0.8 million for both nine months ended September 30, 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	$	785
One to two years		693
Two to three years		610
Three to four years		536
Four to five years		474

Schedule of details of the Company's MSRs

	September 30,		December 31,
(dollars in thousands)	2024		2023
Gross carrying amount	$	69,807	$	69,515
Less: accumulated amortization		64,571		63,816
Net carrying value	$	5,236	$	5,699

Schedule of changes in amortized MSRs

	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2024		2023		2024		2023
Balance at beginning of period	$	5,395	$	6,072	$	5,699	$	6,562
Originations		99		65		292		133
Amortization		(258)		(282)		(755)		(840)
Balance at end of period	$	5,236	$	5,855	$	5,236	$	5,855
Fair value of amortized MSRs at beginning of period	$	14,094	$	14,557	$	14,308	$	15,193
Fair value of amortized MSRs at end of period	$	13,258	$	14,520	$	13,258	$	14,520

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

	September 30, 2024							December 31, 2023
						Weighted							Weighted
	Range					Average		Range					Average
Conditional prepayment rate	7.02	%	-	13.34	%	7.22	%	6.87	%	-	11.53	%	7.04	%
Life in years (of the MSR)	4.42		-	7.08		6.94		4.30		-	7.22		7.09
Weighted-average coupon rate	3.68	%	-	5.69	%	3.79	%	3.57	%	-	5.81	%	3.73	%
Discount rate	10.35	%	-	10.93	%	10.39	%	10.40	%	-	10.60	%	10.52	%