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LOAN SERVICING RIGHTS (Tables)
 12 Months Ended
Dec. 31, 2023
Transfers and Servicing [Abstract]  
Schedule of Servicing Assets at Fair Value
The carrying value of the loan servicing rights assets is shown in the table below:
(dollars in thousands)December 31, 2023December 31, 2022
Loan Servicing Rights
Residential mortgage$171,915 $147,014 
SBA2,737 3,443 
Total loan servicing rights$174,652 $150,457 
The table below is an analysis of the activity in the Company’s MSRs and impairment:
Years Ended December 31,
(dollars in thousands)202320222021
Residential mortgage servicing rights
Beginning carrying value, net$147,014 $206,944 $130,630 
Additions44,305 64,020 93,229 
Amortization(19,404)(24,995)(30,540)
(Impairment)/recoveries— 21,824 13,625 
Disposals— (120,779)— 
Ending carrying value, net$171,915 $147,014 $206,944 
Years Ended December 31,
(dollars in thousands)202320222021
Residential mortgage servicing impairment
Beginning balance$— $25,782 $39,407 
Additions— — 1,398 
Recoveries— (21,824)(15,023)
Reduction due to disposal— (3,958)— 
Ending balance$— $— $25,782 
The table below is an analysis of the activity in the Company’s SBA loan servicing rights and impairment:
Years Ended December 31,
(dollars in thousands)202320222021
SBA servicing rights
Beginning carrying value, net$3,443 $5,556 $5,839 
Additions392 889 954 
Amortization(1,098)(3,002)(2,142)
(Impairment)/recovery— — 905 
Ending carrying value, net$2,737 $3,443 $5,556 
Years Ended December 31,
(dollars in thousands)202320222021
SBA servicing impairment
Beginning balance$— $— $905 
Additions— — — 
Recoveries— — (905)
Ending balance$— $— $— 
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets
The key metrics and the sensitivity of the residential mortgage servicing rights fair value to adverse changes in model inputs and/or assumptions are summarized below:
(dollars in thousands)December 31, 2023December 31, 2022
Residential mortgage servicing rights
Unpaid principal balance of loans serviced for others$12,454,454 $10,046,052 
Composition of residential loans serviced for others:
FHLMC17.54 %16.80 %
FNMA50.51 %50.09 %
GNMA31.95 %33.11 %
Total100.00 %100.00 %
Weighted average term (months)355353
Weighted average age (months)2722
Modeled prepayment speed8.56 %8.22 %
Decline in fair value due to a 10% adverse change(4,492)(5,800)
Decline in fair value due to a 20% adverse change(9,444)(11,184)
Weighted average discount rate10.98 %10.00 %
Decline in fair value due to a 10% adverse change(5,110)(6,413)
Decline in fair value due to a 20% adverse change(11,181)(12,330)
The key metrics and the sensitivity of the SBA servicing rights fair value to adverse changes in model inputs and/or assumptions are summarized below:
(dollars in thousands)December 31, 2023December 31, 2022
SBA servicing rights
Unpaid principal balance of loans serviced for others$271,164 $326,418 
Weighted average life (in years)3.313.69
Modeled prepayment speed20.83 %18.24 %
Decline in fair value due to a 10% adverse change(171)(177)
Decline in fair value due to a 20% adverse change(327)(340)
Weighted average discount rate14.70 %19.57 %
Decline in fair value due to a 100 basis point adverse change(69)(83)
Decline in fair value due to a 200 basis point adverse change(135)(163)