SERVICING RIGHTS (Tables)

3 Months Ended

Mar. 31, 2014

Servicing Rights

The following table presents a composition of servicing rights as of the dates indicated:

	March 31, 2014		December 31, 2013
	(In thousands)
Mortgage servicing rights, at fair value	$	18,553	$	13,535
SBA servicing rights, at cost		327		348
Total	$	18,880	$	13,883

Mortgage Servicing Rights Fair Value and Weighted Average Life

The following table presents the key characteristics, inputs and economic assumptions used to estimate the fair value of the MSRs as of dates indicated:

	March 31, 2014			December 31, 2013
	($ in thousands)
Fair value of retained MSRs	$	8,407		$	13,535
Decay (prepayment/default)		17.23	%		15.40	%
Discount rate		10.81	%		10.39	%
Constant prepayment rate		13.17	%		10.28	%
Weighted-average life (in years)		5.92			7.37

Mortgage Servicing Rights

The following table presents activity in the MSRs for the periods indicated:

	Three months ended March 31,
	2014			2013
	(In thousands)
Balance at beginning of period	$	13,535		$	1,739
Additions		5,140			910
Prepayments		(209	)		(68	)
Changes in fair value resulting from valuation inputs or assumptions		462			25
Other—loans paid off		(375	)		(27	)
Balance at end of period	$	18,553		$	2,579

Small Business Administration Servicing Rights

The following table presents activity in the SBA servicing rights for the periods indicated:

	Three months ended March 31,
	2014			2013
	(In thousands)
Balance at beginning of period	$	348		$	539
Additions		—			5
Amortization, including prepayments		(21	)		(46	)
Balance at end of period	$	327		$	498