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LOAN SERVICING (Tables)
 9 Months Ended
Sep. 30, 2014
Transfers and Servicing [Abstract]  
Schedule of servicing asset
The table below summarizes the activity in the SBA-guaranteed loan servicing asset for the periods presented.
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2014
 
2013
 
2014
 
2013
 
 
 
 
 
 
 
 
 
Balance at beginning of period
 
$
2,127

 
1,108

 
$
1,759

 
$
976

Additions
 
688

 
373

 
1,186

 
623

Amortization
 
(73
)
 
(31
)
 
(203
)
 
(149
)
Balance at end of period
 
$
2,742

 
1,450

 
$
2,742

 
$
1,450

 
 
 
 
 
 
 
 
 
The table below summarizes MSR activity for the periods presented. The Company did not retain mortgage servicing on loans sold prior to the Mergers, thus the table below only includes current quarter activity.
 
 
Three months ended September 30,
 
 
2014
 
2013
 
 
 
 
 
Balance at beginning of period
 
$
—

 
$
—

Acquired Yadkin MSRs at fair value
 
4,025

 
—

Additions
 
308

 
—

Amortization
 
(203
)
 
—

Balance at end of period before valuation allowance
 
4,130

 
—

Valuation allowance
 
(65
)
 
—

Balance at end of period after valuation allowance
 
$
4,065

 
$
—

 
 
 
 
 
Schedule of Servicing Liabilities at Fair Value

The characteristics and sensitivity of the fair value of MSRs to changes in key assumptions is included in the accompanying table.
 
 
September 30, 2014
 
 
 
Composition of mortgage loans serviced for others:
 
 
Fixed rate loans
 
99.85
%
Adjustable rate loans
 
0.15
%
Total
 
100.00
%
 
 
 
Weighted average life (years)
 
6.11

Prepayment speed
 
11.72
%
Discount rate
 
9.51
%
Effect on fair value due to change in interest rates:
 
 
+ 0.25%
 
$
440

+ 0.50%
 
602

- 0.25%
 
(618
)
- 0.50%
 
(788
)