Quarterly report pursuant to Section 13 or 15(d)

Servicing Assets and Liabilities

v3.4.0.3
Servicing Assets and Liabilities
 3 Months Ended
Mar. 31, 2016
Transfers and Servicing [Abstract]  
Servicing Assets and Liabilities
Servicing Assets and Liabilities

The changes in servicing assets and liabilities for the three months ended March 31, 2016 and 2015 were as follows:

 
2016
 
2015
 
(in thousands)
Servicing assets:
 
 
 
Balance at beginning of period
$
11,744

 
$
13,773

Addition related to sale of SBA loans
259

 
617

Amortization
(551
)
 
(1,069
)
Balance at end of period
$
11,452

 
$
13,321

 
 
 
 
Servicing liabilities:
 
 
 
Balance at beginning of period
$
4,784

 
$
5,971

Amortization
(196
)
 
(442
)
Balance at end of period
$
4,588

 
$
5,529



At March 31, 2016 and 2015, we serviced loans sold to unaffiliated parties in the amounts of $470.3 million and $486.1 million, respectively. These represented loans that have been sold for which the Bank continues to provide servicing. These loans are maintained off balance sheet and are not included in the loans receivable balance. All of the loans serviced were SBA loans.

The Company recorded servicing fee income of $1.2 million and $1.1 million for the three months ended March 31, 2016 and 2015, respectively. Servicing fee income, net of amortization of servicing assets and liabilities, is included in other operating income in the consolidated statements of income.