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.