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Servicing Assets | 9 Months Ended
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Sep. 30, 2022
Transfers And Servicing [Abstract] |
Servicing Assets | Note 4 — Servicing Assets The changes in servicing assets for the three and nine months ended September 30, 2022 and 2021 were as follows:
|  | Three Months Ended September 30, |
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Balance at beginning of period |  | $ | 7,354 |  |  | $ | 6,199 |
Addition related to sale of SBA loans |  |  | 828 |  |  |  | 1,171 |
Amortization |  |  | (758 | ) |  |  | (532 | )
Balance at end of period |  | $ | 7,424 |  |  | $ | 6,838 |
|  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Balance at beginning of period |  | $ | 7,080 |  |  | $ | 6,212 |
Addition related to sale of SBA loans |  |  | 2,377 |  |  |  | 2,328 |
Amortization |  |  | (2,033 | ) |  |  | (1,702 | )
Balance at end of period |  | $ | 7,424 |  |  | $ | 6,838 |
At September 30, 2022 and December 31, 2021, we serviced loans sold to unaffiliated parties of $505.2 million and $473.5 million, respectively. These represented loans that were sold for which the Bank continues to provide servicing. These loans are maintained off-balance sheet and are not included in the loans receivable balance. All of the loans serviced were SBA loans. The Company recorded servicing fee income of $1.3 million and $1.1 million for the three months ended September 30, 2022 and 2021, respectively, and $3.7 million and $3.4 million for the nine months ended September 30, 2022 and 2021, respectively. Servicing fee income, net of the amortization of servicing assets, is included in other operating income in the consolidated statements of income. Amortization expense was $758,000 and $532,000 for the three months ended September 30, 2022 and 2021, respectively, and $2.0 million and $1.7 million for the nine months ended September 30, 2022 and 2021, respectively. The fair value of servicing rights was $7.7 million at September 30, 2022. The fair value at September 30, 2022 was determined using discount rates ranging from 15.6 percent to 18.3 percent and prepayment speeds ranging from 11.0 percent to 17.0 percent, depending on the stratification of the specific right. The fair value of servicing rights was $8.1 million at December 31, 2021. The fair value at December 31, 2021 was determined using discount rates ranging from 10.4 percent to 16.7 percent and prepayment speeds ranging from 10.2 percent to 12.8 percent, depending on the stratification of the specific right.

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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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