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LOAN SERVICING (Tables)
 6 Months Ended
Jun. 30, 2015
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 June 30,
 
Six months ended June 30,
 
 
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Balance at beginning of period
 
$
3,520

 
2,127

 
$
3,081

 
$
1,759

Additions
 
560

 
451

 
1,095

 
870

Amortization
 
(144
)
 
(79
)
 
(240
)
 
(130
)
Balance at end of period
 
$
3,936

 
2,499

 
$
3,936

 
$
2,499

 
 
 
 
 
 
 
 
 
The following table summarizes MSR activity for the 2015 periods presented. The Company did not retain mortgage servicing on loans sold during the comparable periods of 2014.
 
 
Three months ended
June 30, 2015
 
Six months ended
June 30, 2015
 
 
 
 
 
Balance at beginning of period before valuation allowance
 
$
4,368

 
$
4,284

Additions
 
608

 
1,003

Repayments
 
(114
)
 
(243
)
Amortization
 
(174
)
 
(356
)
Balance at end of period before valuation allowance
 
4,688

 
4,688

Valuation allowance at end of period
 
(36
)
 
(36
)
Balance at end of period after valuation allowance
 
$
4,652

 
$
4,652

 
 
 
 
 
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.
 
 
June 30, 2015
 
December 31, 2014
 
 
 
 
 
Composition of mortgage loans serviced for others:
 
 
 
 
Fixed rate loans
 
99.89
%
 
99.86
%
Adjustable rate loans
 
0.11
%
 
0.14
%
Total
 
100.00
%
 
100.00
%
 
 
 
 
 
Weighted average life (years)
 
6.16

 
5.77

Prepayment speed
 
11.51
%
 
12.62
%
Discount rate
 
9.68
%
 
9.60
%
Effect on fair value due to change in interest rates:
 
 
 
 
+ 0.25%
 
$
574

 
$
566

+ 0.50%
 
795

 
801

- 0.25%
 
(793
)
 
(668
)
- 0.50%
 
(981
)
 
(844
)