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v3.22.1

Servicing Assets | 3 Months Ended
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Mar. 31, 2022
Transfers and Servicing [Abstract] |
Servicing Assets | Note 6—Servicing Assets Activity for servicing assets and the related changes in fair value for the three months ended March 31, 2022 and 2021 was as follows:
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Beginning balance |  | $ | 23,744 |  |  | $ | 22,042 |
Additions, net |  |  | 1,984 |  |  |  | 1,603 |
Changes in fair value |  |  | (1,231 | ) |  |  | (1,505 | )
Ending balance |  | $ | 24,497 |  |  | $ | 22,140 |
Loans serviced for others are not included in the Consolidated Statements of Financial Condition. The unpaid principal balances of these loans serviced for others as of March 31, 2022 and December 31, 2021 were as follows:
|  | March 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Loan portfolios serviced for: |  |  |  |  |  |
SBA guaranteed loans |  | $ | 1,514,240 |  |  | $ | 1,510,375 |
USDA guaranteed loans |  |  | 190,797 |  |  |  | 183,026 |
Total |  | $ | 1,705,037 |  |  | $ | 1,693,401 |
Loan servicing revenue totaled $3.4 million and $2.8 million for each of the three months ended March 31, 2022 and 2021, respectively. Loan servicing asset revaluation, which represents the changes in fair value of servicing assets, resulted in a downward valuation adjustment of $1.2 million and $1.5 million for three months ended March 31, 2022 and 2021, respectively. The fair value of servicing rights is highly sensitive to changes in underlying assumptions. Changes in secondary market premiums and prepayment speed assumptions have the most significant impact on the fair value of servicing rights. Generally, as interest rates rise on variable rate loans, loan prepayments increase due to an increase in refinance activity, which may result in a decrease in the fair value of servicing assets. Measurement of fair value is limited to the conditions existing and the assumptions used as of a particular point in time, and those assumptions may change over time. Refer to Note 15—Fair Value Measurement for further details.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -Subparagraph (c)(3) -URI 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