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SBA Servicing Asset | 9 Months Ended
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Sep. 30, 2023
Transfers and Servicing [Abstract] |
SBA Servicing Asset | SBA Servicing AssetThe Company periodically sells portions of SBA loans and retains rights to service the loans. Loans serviced for others are not included in the accompanying balance sheet. The unpaid principal balances of SBA loans serviced for others was $283.9 million and $318.6 million at September 30, 2023 and December 31, 2022, respectively. The following table summarizes SBA servicing asset activity for the periods indicated:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
($ in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Beginning balance | $ | 5,233 |  |  | $ | 4,586 |  |  | $ | 5,210 |  |  | $ | 3,938 |
Additions to servicing asset | — |  |  | 921 |  |  | 150 |  |  | 3,164 |
Recovery (impairment) of SBA servicing asset | (337) |  |  | 127 |  |  | 255 |  |  | (949) |
Amortization of servicing asset | (498) |  |  | (365) |  |  | (1,217) |  |  | (884) |
Ending balance | $ | 4,398 |  |  | $ | 5,269 |  |  | $ | 4,398 |  |  | $ | 5,269 |
The fair market value of the SBA servicing asset as of September 30, 2023 and December 31, 2022, was $4.4 million and $5.2 million, respectively. Recovery or impairment adjustments to servicing rights are mainly due to market-based assumptions associated with discounted cash flows, loan prepayment speeds, and changes in interest rates. A significant change in prepayments of the loans in the servicing portfolio could result in significant changes in the valuation adjustments, thus creating potential volatility in the carrying amount of servicing rights. The Company assumed a weighted average prepayment rate of 16.9%, weighted average term of 3.94 years, and a weighted average discount rate of 17.1% at September 30, 2023. The Company assumed a weighted average prepayment rate of 14.2%, weighted average term of 4.45 years, and a weighted average discount rate of 18.8% at December 31, 2022.

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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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