The following table presents changes in mortgage servicing rights ("MSR") for the periods presented:


(dollars in thousands)
Balance at December 31, 2022	$	9,074
Additions	261
Amortization	(538)
Balance at September 30, 2023	$	8,797

Balance at December 31, 2021	$	9,738
Additions	593
Amortization	(1,115)
Balance at September 30, 2022	$	9,216

Income generated as the result of new MSR is reported as gains on sales of loans and totaled $0.1 million and and $0.3 million for the three and nine months ended September 30, 2023, respectively, compared to $0.1 million and $0.6 million for the three and nine months ended September 30, 2022, respectively.

Amortization of MSR totaled $0.2 million and $0.5 million for the three and nine months ended September 30, 2023, respectively, compared to $0.3 million and $1.1 million for the three and nine months ended September 30, 2022, respectively.

The following table presents the fair market value and key assumptions used in determining the fair market value of MSR:


(dollars in thousands)	September 30, 2023			September 30, 2022
Fair market value, beginning of year	$	12,061		$	10,504
Fair market value, end of period	12,840			12,289
Weighted average discount rate	9.5		%	9.5		%
Weighted average prepayment speed assumption	10.8		%	9.9		%

The following table presents carrying values and accumulated amortization related to MSR as of the dates presented:


	September 30, 2023						December 31, 2022
(dollars in thousands)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value

Mortgage servicing rights	$	69,674	$	(60,877)	$	8,797	$	69,413	$	(60,339)	$	9,074

The following table presents the estimated amortization expense for the remainder of fiscal year 2023, the next five succeeding fiscal years, and all years thereafter, based on MSR held as of September 30, 2023:


(dollars in thousands)
Year Ending December 31,
2023 (remainder)	$	185
2024	848
2025	784
2026	709
2027	640
2028	569
Thereafter	5,062
Total	$	8,797

The Company performs an impairment assessment of its MSR whenever events or changes in circumstance indicate that the carrying value of the MSR may not be recoverable.