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Servicing Assets | 6 Months Ended
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Jun. 30, 2024
Servicing Asset [Abstract] |
Servicing Assets | Servicing Assets The Company recognizes the right to service SBA loans for others as servicing assets when the servicing income the Company receives is more than adequate compensation. Servicing assets are accounted for using the amortization method. Under this method, the Company amortizes the servicing assets over the period of the economic life of the assets arising from estimated net servicing revenue. The Company periodically stratifies its servicing assets into groupings based on risk characteristics and assesses each group for impairment based on fair value. Based on the results of the impairment test, there was no valuation allowance for impairment as of June 30, 2024 and December 31, 2023. The following table presents an analysis of the changes in activity for loan servicing assets during the three and six months ended June 30, 2024 and 2023:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
($ in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Beginning balance |  | $ | 11,405 |  |  | $ | 12,898 |  |  | $ | 11,741 |  |  | $ | 12,759 |
Additions from loans sold with servicing retained |  | 746 |  |  | 869 |  |  | 1,298 |  |  | 1,969 |
Amortized to expense |  | (1,108) |  |  | (1,113) |  |  | (1,996) |  |  | (2,074) |
Ending balance |  | $ | 11,043 |  |  | $ | 12,654 |  |  | $ | 11,043 |  |  | $ | 12,654 |
The fair value of the servicing assets was $16.8 million as of June 30, 2024, which was determined using discount rates ranging from 3.78% to 11.25% and prepayment speeds ranging from 12.70% to 12.90%, depending on the stratification of the specific assets. The fair value of the servicing assets was $18.2 million as of June 30, 2023, which was determined using discount rates ranging from 3.75% to 10.50% and prepayment speeds ranging from 12.40% to 12.90% depending on the stratification of the specific assets.

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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 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(11)) -Publisher 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