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Servicing Assets | 12 Months Ended
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Dec. 31, 2023
Transfers and Servicing [Abstract] |
Servicing Assets | Note 4 — Servicing Assets The changes in servicing assets for the years ended December 31, 2023 and 2022 were as follows:
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Balance at beginning of period |  | $ | 7,176 |  |  | $ | 7,080 |
Additions related to sale of SBA loans |  |  | 1,965 |  |  |  | 3,153 |
Amortization |  |  | (2,456 | ) |  |  | (2,672 | )
Change in valuation allowance |  |  | 385 |  |  |  | (385 | )
Balance at end of period |  | $ | 7,070 |  |  | $ | 7,176 |
At December 31, 2023 and 2022, we serviced loans sold to unaffiliated parties in the amount of $539.6 million and $523.6 million, respectively. These loans are maintained off-balance sheet and are not included in the loans receivable balance. All of the loans being serviced were SBA loans. The Company recorded servicing fee income of $5.2 million, $4.9 million and $4.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Servicing fee income, net of amortization of servicing assets and liabilities, is included in other operating income in the consolidated statements of income. The fair value of servicing rights was $7.7 million at December 31, 2023. Fair value at December 31, 2023 was determined using discount rates ranging from 14.4% to 24.7% and prepayment speeds ranging from 12.2% to 19.7%, depending on the stratification of the specific servicing right. The fair value of servicing rights was $7.1 million at December 31, 2022. Fair value at December 31, 2022 was determined using discount rates ranging from 21.9% to 25.3% and prepayment speeds ranging from 10.8% to 16.7%, depending on the stratification of the specific servicing 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 -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (b)(2) -Publisher FASB -URI 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