Quarterly report pursuant to Section 13 or 15(d)

Servicing Assets and Liabilities

v3.5.0.2
Servicing Assets and Liabilities
 6 Months Ended
Jun. 30, 2016
Transfers and Servicing [Abstract]  
Servicing Assets and Liabilities
Servicing Assets and Liabilities

The changes in servicing assets and liabilities for the six months ended June 30, 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
863

 
1,181

Amortization
(1,270
)
 
(1,829
)
Balance at end of period
$
11,337

 
$
13,125

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

 
$
5,971

Amortization
(863
)
 
(603
)
Balance at end of period
$
3,921

 
$
5,368



At June 30, 2016 and 2015, we serviced loans sold to unaffiliated parties in the amounts of $481.4 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 for each of the three-month periods ended June 30, 2016 and 2015, and $2.3 million for each of the six-month periods ended June 30, 2016 and 2015. Servicing fee income, net of amortization of servicing assets and liabilities, is included in other operating income in the consolidated statements of income.