GOVERNMENT GUARANTEED LOAN SERVICING ACTIVITIES |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GOVERNMENT GUARANTEED LOAN SERVICING ACTIVITIES | GOVERNMENT GUARANTEED LOAN SERVICING ACTIVITIES At June 30, 2025 and December 31, 2024, the principal balance of government guaranteed loans, excluding PPP loans, retained by the Company was $439,931 and $425,963, respectively, of which $152,666 and $148,543 represented the guaranteed portion of the loans. Loans serviced for others are not included in the accompanying Consolidated Balance Sheets. The unpaid principal balances of government guaranteed loans serviced for others requiring recognition of a servicing asset were $1,064,852 and $1,056,665 at June 30, 2025 and December 31, 2024, respectively. Activity for government guaranteed loan servicing rights for the three and six months ended June 30, 2025 and June 30, 2024 follows:
The fair value of government guaranteed loan servicing rights was $19,499 and $19,473 at June 30, 2025 and December 31, 2024, respectively. Fair value was determined using a weighted average discount rate of 14.25% and a weighted average prepayment speed of 12.23% at June 30, 2025. Fair value was determined using a weighted average discount rate of 14.63% and a weighted average prepayment speed of 11.97% at December 31, 2024. The government guaranteed loan servicing rights are amortized over the life of a loan on a loan-by-loan basis. The following table presents the components of net gain on sale of government guaranteed loans for the three and six months ended June 30, 2025 and June 30, 2024:
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