MORTGAGE SERVICING RIGHTS

3 Months Ended

Mar. 31, 2026

MORTGAGE SERVICING RIGHTS [Abstract]

6. 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):

	Three Months Ended March 31,
	2026		2025
Beginning balance	$	24,041	$	26,292
Additions		320		199
Valuation adjustment		250		(1,585	)
Ending balance	$	24,611	$	24,906

	March 31, 2026			December 31, 2025
Mortgage loans serviced for others	$	1,792,545		$	1,810,579
Mortgage servicing rights assets as a percentage of serviced mortgage loans		1.37	%		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:


	March 31, 2026			December 31, 2025
Weighted average constant prepayment rate		7.27	%		8.81	%
Weighted average discount rate		9.71	%		9.70	%
Weighted average life in years		7.80			7.43

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

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