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Loan Servicing | 12 Months Ended
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Dec. 31, 2020
Loan Servicing |
Loan Servicing | 5) Loan Servicing At December 31, 2020, 2019, and 2018, the Company serviced SBA loans sold to the secondary market of approximately $77,973,000, $87,835,000, and $104,016,000, respectively. Servicing assets represent the servicing spread generated from the sold guaranteed portions of SBA loans. The weighted average servicing rate for all loans serviced was 1.12%, 1.16%, and 1.12% at December 31, 2020, 2019, and 2018, respectively. Servicing rights are included in “accrued interest receivable and other assets” on the consolidated balance sheets. Activity for loan servicing rights follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018 |
​ | ​ | (Dollars in thousands) |
Beginning of year balance | ​ | $ | 583 | ​ | $ | 871 | ​ | $ | 1,373 | ​
Additions | ​ |  | 213 | ​ |  | 157 | ​ |  | 200 | ​
Amortization | ​ |  | (265) | ​ |  | (445) | ​ |  | (702) | ​
End of year balance | ​ | $ | 531 | ​ | $ | 583 | ​ | $ | 871 | ​
​ There was no valuation allowance for servicing rights at December 31, 2020, 2019, and 2018, because the estimated fair value of the servicing rights was greater than the carrying value. The estimated fair value of loan servicing rights was $1,172,000, $1,295,000, and $1,651,000, at December 31, 2020, 2019, and 2018, respectively. The fair value of servicing rights at December 31, 2020, was estimated using a weighted average constant prepayment rate (“CPR”) assumption of 14.65%, and a weighted average discount rate assumption of 12.91%. The fair value of servicing rights at December 31, 2019, was estimated using a weighted average CPR assumption of 13.50%, and a weighted average discount rate assumption of 15.90%. The fair value of servicing rights at December 31, 2018, was estimated using a weighted average CPR assumption of 10.89%, and a weighted average discount rate assumption of 16.40%. The weighted average discount rate and CPR assumptions used to estimate the fair value of the I/O strip receivables are the same as for the servicing rights. Management reviews the key economic assumptions used to estimate the fair value of I/O strip receivables on a quarterly basis. The fair value of the I/O strip can be adversely impacted by a significant increase in either the prepayment speed of the portfolio or the discount rate. I/O strip receivables are included in “accrued interest receivable and other assets” on the consolidated balance sheets. Activity for I/O strip receivables follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018 |
​ | ​ | (Dollars in thousands) |
Beginning of year balance | ​ | $ | 503 | ​ | $ | 568 | ​ | $ | 968 | ​
Unrealized loss | ​ |  | (198) | ​ |  | (65) | ​ |  | (400) | ​
End of year balance | ​ | $ | 305 | ​ | $ | 503 | ​ | $ | 568 | ​
​

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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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