| Servicing Assets |
Servicing Assets At December 31, 2018 and 2017, total servicing assets were $7.7 million and $9.0 million, respectively. The Company sold loans of $97.7 million, $127.3 million and $138.9 million, respectively, with the servicing rights retained and recognized a net gain on sale of $5.4 million, $8.9 million and $8.6 million, respectively, during the years ended December 31, 2018, 2017 and 2016. Loan servicing income was $2.2 million, $2.4 million and $2.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. The following table presents the composition of servicing assets with key assumptions used to estimate the fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, | | | 2018 | | 2017 | ($ in thousands) | | Residential Property | | SBA Property | | SBA Commercial Term | | Residential Property | | SBA Property | | SBA Commercial Term | Carrying amount | | $ | 244 |
| | $ | 6,349 |
| | $ | 1,073 |
| | $ | 308 |
| | $ | 7,369 |
| | $ | 1,296 |
| Fair value | | $ | 298 |
| | $ | 6,937 |
| | $ | 1,206 |
| | $ | 346 |
| | $ | 7,991 |
| | $ | 1,400 |
| Discount rates | | 11.25 | % | | 13.25 | % | | 12.75 | % | | 10.50 | % | | 13.25 | % | | 12.75 | % | Prepayment speeds | | 25.00 | % | | 14.12 | % | | 13.55 | % | | 25.60 | % | | 10.50 | % | | 10.60 | % | Weighted average remaining life | | 25.2 years |
| | 21.1 years |
| | 7.4 years |
| | 25.8 years |
| | 20.3 years |
| | 6.7 years |
| Underlying loans being serviced | | $ | 45,728 |
| | $ | 367,856 |
| | $ | 93,073 |
| | $ | 53,253 |
| | $ | 375,233 |
| | $ | 99,672 |
| | | | | | | | | | | | | |
The following table presents activity in servicing assets for the periods indicated: | | | | | | | | | | | | | | | | | | ($ in thousands) | | Residential Property | | SBA Property | | SBA Commercial Term | | Total | Balance at January 1, 2016 | | $ | 431 |
| | $ | 5,890 |
| | $ | 1,084 |
| | $ | 7,405 |
| Additions | | 110 |
| | 2,278 |
| | 564 |
| | 2,952 |
| Amortization | | (133 | ) | | (1,476 | ) | | (446 | ) | | (2,055 | ) | Balance at December 31, 2016 | | 408 |
| | 6,692 |
| | 1,202 |
| | 8,302 |
| Additions | | — |
| | 2,353 |
| | 551 |
| | 2,904 |
| Amortization | | (100 | ) | | (1,676 | ) | | (457 | ) | | (2,233 | ) | Balance at December 31, 2017 | | 308 |
| | 7,369 |
| | 1,296 |
| | 8,973 |
| Additions | | 22 |
| | 1,166 |
| | 270 |
| | 1,458 |
| Amortization | | (86 | ) | | (2,186 | ) | | (493 | ) | | (2,765 | ) | Balance at December 31, 2018 | | $ | 244 |
| | $ | 6,349 |
| | $ | 1,073 |
| | $ | 7,666 |
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