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LOAN SERVICING (Tables)
 12 Months Ended
Dec. 31, 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.
 
 
Year ended December 31,
 
 
2015
 
2014
 
 
 
 
 
Balance at beginning of period
 
$
3,081

 
$
1,759

Additions
 
2,148

 
1,628

Amortization
 
(744
)
 
(306
)
Balance at end of period
 
$
4,485

 
$
3,081

 
 
 
 
 
The characteristics and sensitivity of the fair value of MSRs to changes in key assumptions is included in the accompanying table.
 
December 31, 2015
 
December 31, 2014
 
 
 
 
Composition of mortgage loans serviced for others:
 
 
 
Fixed rate loans
99.90
%
 
99.86
%
Adjustable rate loans
0.10
%
 
0.14
%
Total
100.00
%
 
100.00
%
 
 
 
 
Weighted average life (years)
6.60

 
5.77

Prepayment speed
9.98
%
 
12.62
%
Discount rate
9.66
%
 
9.60
%
Effect on fair value due to change in interest rates:
 
 
 
+ 0.25%
$
421

 
$
566

+ 0.50%
660

 
801

- 0.25%
(599
)
 
(668
)
- 0.50%
(1,104
)
 
(844
)
The table below summarizes MSR activity for the periods presented. The Company did not retain mortgage servicing on loans sold prior to the 2014 Mergers.
 
 
Year ended December 31,
 
 
2015
 
2014
 
 
 
 
 
Balance at beginning of period
 
$
4,284

 
$
—

Fair value of acquired MSRs
 
—

 
4,025

Additions
 
1,881

 
688

Payoffs
 
(402
)
 
(126
)
Amortization
 
(726
)
 
(303
)
Balance at end of period before valuation allowance
 
5,037

 
4,284

Valuation allowance
 
(10
)
 
(157
)
Balance at end of period after valuation allowance
 
$
5,027

 
$
4,127