v3.26.1
Servicing Asset
 6 Months Ended
Jun. 30, 2026
Transfers and Servicing [Abstract]  
Servicing Asset Servicing Asset
Activity for the servicing asset and the related changes in fair value for the three and six months ended June 30, 2026 and 2025 are shown in the table below.

Three Months Ended
(amounts in thousands)June 30, 2026June 30, 2025
Balance, beginning of period$23,614 $17,445 
  Additions:
     Originated1,145 444 
  Subtractions:
     Paydowns(1,679)(847)
     Changes in fair value due to changes in valuation inputs or assumptions used in
     the valuation model 		100 (306)
Loan servicing asset revaluation$(1,579)$(1,153)
Balance, end of period$23,180 $16,736 
Six Months Ended
(amounts in thousands)June 30, 2026June 30, 2025
Balance, beginning of period$22,793 $16,389 
  Additions:
     Originated3,026 2,681 
  Subtractions:
     Paydowns(3,241)(1,811)
     Changes in fair value due to changes in valuation inputs or assumptions used in
     the valuation model		602 (523)
      Loan servicing asset revaluation$(2,639)$(2,334)
Balance, end of period$23,180 $16,736 



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 June 30, 2026 and December 31, 2025 are shown in the table below.

​
(amounts in thousands)June 30, 2026December 31, 2025
Loan portfolios serviced for:
   SBA guaranteed loans$1,187,355 $1,120,553 
Single tenant lease financing726,597 825,207 
     Total$1,913,952 $1,945,760 

Loan servicing revenue totaled $2.9 million and $5.7 million for the three and six months ended June 30, 2026 respectively, and $2.0 million and $4.0 million for the three and six months ended June 30, 2025, respectively. Loan servicing asset revaluation, which represents the change in fair value of the servicing asset, resulted in a $1.6 million and $2.6 million downward valuation for the three and six months ended June 30, 2026, respectively, and $1.2 million and $2.3 million downward valuation for the three and six months ended June 30, 2025, 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.