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Transfers and Servicing | 12 Months Ended
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Dec. 31, 2024
Transfers and Servicing [Abstract] |
Transfers and Servicing of Financial Assets | SERVICING ASSETS At December 31, 2024, total servicing assets of $10.1 million comprised $8.6 million in SBA servicing assets and $1.5 million in mortgage related servicing assets. At December 31, 2023, servicing assets totaled $9.6 million, comprising $7.5 million in SBA servicing assets and $2.1 million in mortgage related servicing assets. At December 31, 2024 and 2023, the Company did not have a valuation allowance on its servicing assets. The changes in servicing assets for the years ended December 31, 2024, 2023, and 2022, were as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Dollars in thousands)
Balance at beginning of period | $ | 9,631 |  |  | $ | 11,628 |  |  | $ | 10,418 |
Additions through originations of servicing assets | 3,244 |  |  | 1,892 |  |  | 5,200 |
Amortization | (2,824) |  |  | (3,889) |  |  | (3,990) |
Balance at end of period | $ | 10,051 |  |  | $ | 9,631 |  |  | $ | 11,628 |
Loans serviced for others are not reported as assets. The principal balances of loans serviced for other institutions were $975.0 million and $987.4 million at December 31, 2024 and 2023, respectively. The Company utilizes the discounted cash flow method to calculate the initial excess servicing assets. The inputs used in evaluating servicing assets for impairment at December 31, 2024 and 2023, are presented below.
| December 31,
| 2024 |  | 2023
SBA Servicing Assets: |  |  |
Weighted-average discount rate | 10.18% |  | 11.12%
Constant prepayment rate | 9.33% |  | 12.17%
Mortgage Servicing Assets: |  |  |
Weighted-average discount rate | 11.13% |  | 11.00%
Constant prepayment rate | 4.37% |  | 9.52%

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- 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(11)) -Publisher 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