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Servicing Asset
 9 Months Ended
Sep. 30, 2021
Transfers and Servicing [Abstract]  
Servicing Asset Servicing Asset
Activity for the servicing asset and the related changes in fair value for the three and nine months ended September 30, 2021 and 2020 are shown in the table below.

(in thousands)Three Months Ended
 September 30, 2021September 30, 2020
Balance, beginning of period$4,120 $2,522 
  Additions
     Originated and purchased servicing566 399 
  Subtractions
     Paydowns(176)(103)
     Changes in fair value due to changes in valuation inputs or assumptions used in
      the valuation model 		(98)— 
      Loan servicing asset revaluation$(274)$(103)
Balance, end of period$4,412 $2,818 
(in thousands)Nine Months Ended
 September 30, 2021September 30, 2020
Balance, beginning of period$3,569 $2,481 
  Additions
     Originated and purchased servicing1,512 709 
  Subtractions
     Paydowns(500)(372)
     Changes in fair value due to changes in valuation inputs or assumptions used in
     the valuation model		(169)— 
     Loan servicing asset revaluation$(669)$(372)
Balance, end of period$4,412 $2,818 

Loans serviced for others are not included in the condensed consolidated balance sheets. The unpaid principal balances of these loans serviced for others as of September 30, 2021 and December 31, 2020 are shown in the table below.

(in thousands)
 September 30, 2021December 31, 2020
Loan portfolios serviced for:
   SBA guaranteed loans$213,378 $165,961 
     Total$213,378 $165,961 
Loan servicing revenue totaled $0.5 million and $1.4 million for the three and nine months ended September 30, 2021 and $0.3 million and $0.8 million for the three and nine months ended September 30, 2020, respectively. Loan servicing asset revaluation, which represents the change in fair value of the servicing asset, resulted in a $0.3 million and $0.7 million downward valuation for the three and nine months ended September 30, 2021, respectively, and a $0.1 and $0.4 million downward valuation for the three and nine months ended September 30, 2020, respectively.

The fair value of servicing rights is highly sensitive to changes in underlying assumptions. Though fluctuations in prepayment speeds and changes in secondary market premiums generally have the most substantial impact on the fair value of servicing rights, other influencing factors include changing economic conditions, changes to the discount rate assumption and the weighted average life of the servicing portfolio. Measurement of fair value is limited to the conditions existing and the assumptions used as of a particular point in time; however, those assumptions may change over time. Refer to Note 11 - Fair Value of Financial Instruments for further details.