v3.24.1.u1

Servicing Assets | 3 Months Ended
--- | ---
Mar. 31, 2024
Transfers and Servicing [Abstract] |
Servicing Assets | Servicing Assets The Company sells SBA and certain residential mortgage loans with servicing retained. SBA loans are included in commercial real estate loans (“CRE SBA”) and commercial and industrial loans (“C&I SBA”). The Company sold loans of $19.4 million and $27.1 million, respectively, with the servicing rights retained and recognized a net gain on sale of $1.1 million and $1.3 million, respectively, during the three months ended March 31, 2024 and 2023. Loan servicing income was $919 thousand and $860 thousand for the three months ended March 31, 2024 and 2023, respectively. The following table presents the composition of servicing assets with key assumptions used to estimate the fair value as of the dates indicated:
|  | March 31, 2024 |  | December 31, 2023
($ in thousands) |  | Residential Mortgage |  | CRE SBA |  | C&I SBA |  | Total |  | Residential Mortgage |  | CRE SBA |  | C&I SBA |  | Total
Carrying amount |  | $ | 47 |  |  | $ | 5,985 |  |  | $ | 512 |  |  | $ | 6,544 |  |  | $ | 49 |  |  | $ | 6,135 |  |  | $ | 482 |  |  | $ | 6,666 |
Fair value |  | $ | 111 |  |  | $ | 7,674 |  |  | $ | 772 |  |  | $ | 8,557 |  |  | $ | 104 |  |  | $ | 8,284 |  |  | $ | 728 |  |  | $ | 9,116 |
Discount rate |  | 7.85 | % |  | 12.14 | % |  | 15.85 | % |  |  |  | 9.93 | % |  | 12.30 | % |  | 15.46 | % |  |
Prepayment speed |  | 12.14 | % |  | 19.08 | % |  | 14.05 | % |  |  |  | 12.75 | % |  | 16.71 | % |  | 13.97 | % |  |
Weighted-average remaining life |  | 19.5 years |  | 20.9 years |  | 7.3 years |  |  |  | 19.8 years |  | 21.0 years |  | 7.1 years |  |
Underlying loans being serviced |  | $ | 10,364 |  |  | $ | 465,756 |  |  | $ | 63,919 |  |  | $ | 540,039 |  |  | $ | 10,666 |  |  | $ | 461,300 |  |  | $ | 60,265 |  |  | $ | 532,231 |
The following tables present activity in servicing assets for the periods indicated:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
($ in thousands) |  | Residential Mortgage |  | CRE SBA |  | C&I SBA |  | Total |  | Residential Mortgage |  | CRE SBA |  | C&I SBA |  | Total
Balance at beginning of period |  | $ | 49 |  |  | $ | 6,135 |  |  | $ | 482 |  |  | $ | 6,666 |  |  | $ | 64 |  |  | $ | 6,831 |  |  | $ | 452 |  |  | $ | 7,347 |
Additions |  | — |  |  | 177 |  |  | 75 |  |  | 252 |  |  | — |  |  | 376 |  |  | 45 |  |  | 421 |
Amortization |  | (2) |  |  | (327) |  |  | (45) |  |  | (374) |  |  | (7) |  |  | (365) |  |  | (51) |  |  | (423) |
Balance at end of period |  | $ | 47 |  |  | $ | 5,985 |  |  | $ | 512 |  |  | $ | 6,544 |  |  | $ | 57 |  |  | $ | 6,842 |  |  | $ | 446 |  |  | $ | 7,345 |

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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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