v3.25.3

Loan Servicing | 9 Months Ended
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Sep. 30, 2025
Transfers and Servicing [Abstract] |
Loan Servicing | Loan Servicing Activity for loan servicing rights is as follows for the periods presented:
Loan servicing rights: |  |
(in thousands) |  | September 30, 2025 |  | December 31, 2024
Balance at beginning of period |  | $ | 5,511 |  |  | $ | — |
Additions |  | 968 |  |  | 5,096 |
Other changes in fair value |  | (4,409) |  |  | 415 |
Balance at end of period |  | $ | 2,070 |  |  | $ | 5,511 |
The loan servicing rights balance consisted of a principal balance of $786 million and $807 million as of September 30, 2025 and December 31, 2024, respectively. The fair value at September 30, 2025 was determined using a discount rate of 13.3%, a weighted average prepayment speed of 16.5% and a weighted average default rate of 0.7%. The fair value at December 31, 2024 was determined using a discount rate of 13.5%, a weighted average prepayment speed of 15.6% and a weighted average default rate of 0.7%. The $4.4 million changes in fair value for loan servicing rights from December 31, 2024 to September 30, 2025 consisted of a negative $2.9 million impact from the fair value adjustment related to the loan servicing portfolio recorded as a measurement period adjustment to the Day-1 purchase accounting and a negative $1.5 million impact from other changes in fair value of the servicing assets post acquisition. The $1.0 million of additions includes $0.8 million to establish the unguaranteed servicing asset as a measurement period adjustment to the Day-1 purchase accounting.

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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 815 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI 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