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OTHER ASSETS
12 Months Ended
Dec. 31, 2023
Other Assets [Abstract]  
OTHER ASSETS OTHER ASSETS
Year-end other assets are summarized as follows:
(In thousands)20232022
Capitalized servicing rights$12,095 $13,047 
Accrued interest receivable53,096 46,868 
Accrued federal and state tax receivable33,564 34,386 
Right-of-use assets47,348 46,411 
Derivative assets45,668 54,241 
Deferred tax asset110,068 118,331 
Other39,918 35,651 
Total other assets$341,757 $348,935 

The Bank sells loans in the secondary market and retains the right to service many of these loans. The Bank earns fees for the servicing provided. At years end 2023, 2022, and 2021, loans sold and serviced for others amounted to $1.4 billion, $1.5 billion, and $1.6 billion, respectively. Loans serviced for others are not included in the accompanying Consolidated Balance Sheets. The risks inherent in servicing assets relate primarily to changes in prepayments that result from shifts in interest rates. For the years 2023, 2022, and 2021, contractually specified servicing fees were $6.7 million, $5.5 million, and $8.0 million, respectively, and are included as a component of loan related fees within non-interest income. Refer to Note 19 - Fair Value Measurements for significant assumptions and inputs used in the valuation at year-end 2023.

Servicing rights activity was as follows:
(In thousands)202320222021
Balance at beginning of year$13,047 $16,022 $16,348 
Additions2,892 3,119 4,568 
Amortization(4,330)(4,590)(4,921)
Payoffs(952)(958)— 
Allowance adjustment1,438 (546)27 
Balance at end of year$12,095 $13,047 $16,022 
(1)As of December 31, 2023 and December 31, 2022, the servicing rights included in the total balance accounted for at fair value were $1.5 million and $1.8 million, respectively.

At December 31, 2023, the fair value of servicing rights was $16.6 million. At December 31, 2022, the fair value of servicing rights was $16.7 million.