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Servicing Asset | 9 Months Ended
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Sep. 30, 2023
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 2023 and 2022 are shown in the table below.
|  | Three Months Ended
(in thousands) |  | September 30, 2023 |  | September 30, 2022
Balance, beginning of period |  | $ | 8,251 |  |  | $ | 5,345 |
Additions: |  |  |  |
Originated and purchased servicing |  | 1,585 |  |  | 783 |
Subtractions |  |  |  |
Paydowns: |  | (408) |  |  | (279) |
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model |  | 151 |  |  | (54) |
Loan servicing asset revaluation |  | $ | (257) |  |  | $ | (333) |
Balance, end of period |  | $ | 9,579 |  |  | $ | 5,795 |
|  | Nine Months Ended
(in thousands) |  | September 30, 2023 |  | September 30, 2022 |  |
Balance, beginning of period |  | $ | 6,255 |  |  | $ | 4,702 |  |  |
Additions: |  |  |  |  |  |
Originated and purchased servicing |  | 3,994 |  |  | 2,193 |  |  |
Subtractions |  |  |  |  |  |
Paydowns: |  | (1,275) |  |  | (888) |  |  |
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model |  | 605 |  |  | (212) |  |  |
Loan servicing asset revaluation |  | $ | (670) |  |  | $ | (1,100) |  |  |
Balance, end of period |  | $ | 9,579 |  |  | $ | 5,795 |  |  |
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, 2023 and December 31, 2022 are shown in the table below.
(in thousands) |  | September 30, 2023 |  | December 31, 2022 |  |  |  |  |  |
Loan portfolios serviced for: |  |  |  |  |  |  |  |  |  |
SBA guaranteed loans |  | $ | 464,753 |  |  | $ | 318,194 |  |  |  |  |  |  |
Total |  | $ | 464,753 |  |  | $ | 318,194 |  |  |  |  |  |  |
Loan servicing revenue totaled $1.1 million and $2.7 million for the three and nine months ended September 30, 2023, respectively, and $0.7 million and $1.9 million for the three and nine months ended September 30, 2022, 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, 2023, respectively, and a $0.3 million and $1.1 million downward valuation for the three and nine months ended September 30, 2022, 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.

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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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