Servicing rights (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of information regarding portfolio of servicing rights

	Year Ended December 31,
(in thousands)	2023		2022
SBA servicing rights, at amortized cost
Beginning net carrying amount	$	19,756	$	22,157
Additions due to loans sold, servicing retained		6,976		7,608
Amortization		(3,450)		(3,817)
Recovery (impairment)		6,254		(6,192)
Ending net carrying amount	$	29,536	$	19,756
Multi-family servicing rights, at amortized cost
Beginning net carrying amount		67,361		62,300
Additions due to loans sold, servicing retained		16,655		14,705
Amortization		(10,715)		(9,644)
Ending net carrying amount	$	73,301	$	67,361
Total servicing rights, at amortized cost	$	102,837	$	87,117

SBA and multi-family servicing rights

Schedule of servicing rights

	As of December 31, 2023				As of December 31, 2022
(in thousands)	UPB		Carrying Value		UPB		Carrying Value
SBA	$	1,208,201	$	29,536	$	1,019,770	$	19,756
Multi-family		5,689,872		73,301		4,839,028		67,361
Total	$	6,898,073	$	102,837	$	5,858,798	$	87,117

Schedule of assumptions used in the estimated valuation of servicing rights carried at amortized cost

		December 31, 2023						December 31, 2022
		Range of input values				Weighted Average		Range of input values				Weighted Average
SBA servicing rights
	Forward prepayment rate	0.0	-	4.5	%	4.4	%	10.2	-	21.6	%	10.6	%
	Forward default rate	0.0	-	7.3	%	7.0	%	0.0	-	10.0	%	9.2	%
	Discount rate	14.4	-	22.9	%	14.6	%	18.0	-	31.4	%	18.7	%
	Servicing expense	0.4	-	0.4	%	0.4	%	0.4	-	0.4	%	0.4	%
Multi-family servicing rights
	Forward prepayment rate	0.0	-	6.5	%	5.4	%	0.0	-	7.2	%	3.5	%
	Forward default rate	0.0	-	0.9	%	0.6	%	0.0	-	1.1	%	0.8	%
	Discount rate	6.0	-	6.0	%	6.0	%	6.0	-	6.0	%	6.0	%
	Servicing expense	0.0	-	0.8	%	0.1	%	0.0	-	0.8	%	0.1	%

Schedule of adverse changes to key assumptions on the carrying amount of the servicing rights

(in thousands)	December 31, 2023		December 31, 2022
SBA servicing rights
Forward prepayment rate
Impact of 10% adverse change	$	(543)	$	(578)
Impact of 20% adverse change	$	(1,069)	$	(1,125)
Default rate
Impact of 10% adverse change	$	(165)	$	(125)
Impact of 20% adverse change	$	(328)	$	(249)
Discount rate
Impact of 10% adverse change	$	(1,530)	$	(861)
Impact of 20% adverse change	$	(2,922)	$	(1,642)
Servicing expense
Impact of 10% adverse change	$	(2,047)	$	(1,228)
Impact of 20% adverse change	$	(4,095)	$	(2,455)
Multi-family servicing rights
Forward prepayment rate
Impact of 10% adverse change	$	(491)	$	(271)
Impact of 20% adverse change	$	(965)	$	(537)
Default rate
Impact of 10% adverse change	$	(14)	$	(22)
Impact of 20% adverse change	$	(29)	$	(44)
Discount rate
Impact of 10% adverse change	$	(2,320)	$	(2,057)
Impact of 20% adverse change	$	(4,524)	$	(4,012)
Servicing expense
Impact of 10% adverse change	$	(2,587)	$	(2,685)
Impact of 20% adverse change	$	(5,173)	$	(5,370)

SBA | SBA and multi-family servicing rights

Schedule of future amortization expense for the servicing rights

(in thousands)	December 31, 2023
2024	$	14,197
2025		13,165
2026		11,866
2027		10,616
2028		9,494
Thereafter		43,499
Total	$	102,837