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OTHER ASSETS | 12 Months Ended
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Dec. 31, 2016
Other Assets [Abstract] |
OTHER ASSETS | OTHER ASSETS Year-end other assets are summarized as follows:
(In thousands) |  | 2016 |  | 2015
Capitalized servicing rights |  | $ | 11,524 |  |  | $ | 5,187 |
Accrued interest receivable |  | 26,113 |  |  | 20,940 |
Investment in tax credits |  | 1,500 |  |  | 2,854 |
Accrued federal and state tax receivable (1) |  | 19,076 |  |  | 6,731 |
Derivative assets |  | 21,617 |  |  | 17,507 |
Other |  | 18,627 |  |  | 11,707 |
Total other assets |  | $ | 98,457 |  |  | $ | 64,926 |
(1) | Accrued federal and state tax receivable as of December 31, 2016 includes $5.9 million of New York State refundable tax credits from investment in historical tax credit partnerships in New York State. This balance was $4 million at year-end 2015.
The Bank sells loans in the secondary market and retains the ability to service many of these loans. The Bank earns fees for the servicing provided. Loans sold and serviced for others amounted to $1.3 billion, $807.6 million, and $625.4 million at year-end 2016, 2015, and 2014, 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. Contractually specified servicing fees were $3.2 million, $1.7 million, and $1.5 million for the years 2016, 2015, and 2014, respectively, and included as a component of loan related fees within non-interest income. The significant assumptions used in the valuation at year-end 2016 included a weighted average discount rate of 11.8% and pre-payment speed assumptions ranging from 7.35% to 14.28%. Servicing rights activity was as follows:
(In thousands) |  | 2016 |  | 2015
Balance at beginning of year |  | $ | 5,187 |  |  | $ | 3,757 |
Acquired from 44 Business Capital |  | 3,489 |  |  | — |
Acquired from First Choice Bank (1) |  | 696 |  |  | — |
Additions |  | 4,116 |  |  | 2,622 |
Amortization |  | (1,964 | ) |  | (1,192 | )
Balance at end of year |  | $ | 11,524 |  |  | $ | 5,187 |
(1) | Amounts acquired from First Choice Bank are accounted for at fair value. The balance as of December 31, 2016 was $798 thousand.

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- Definition The entire disclosure for other assets. This disclosure includes other current assets and other noncurrent assets. + References No definition available. + Details
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