v3.26.1
Servicing Rights (Tables)
 6 Months Ended
Jun. 30, 2026
Transfers and Servicing [Abstract]  
Schedule of Servicing Rights at Amortized Cost The table below presents information about servicing rights at amortized cost.
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)
2026
2025
2026
2025
SBA
Beginning net carrying amount
$39,971
$43,289
$41,056
$39,227
Additions
1,771
2,229
3,183
7,092
Amortization
(1,706)
(1,946)
(3,470)
(3,580)
Recovery (impairment)
(1,219)
(4,379)
(1,952)
(3,546)
Ending net carrying amount
$38,817
$39,193
$38,817
$39,193
Multi-family
Beginning net carrying amount
60,008
65,559
61,331
67,996
Additions
1,945
2,114
3,618
2,686
Amortization
(2,926)
(3,046)
(5,922)
(6,055)
Ending net carrying amount
$59,027
$64,627
$59,027
$64,627
USDA
Beginning net carrying amount
20,767
16,486
20,620
16,465
Additions
791
2,420
1,261
3,109
Amortization
(819)
(645)
(1,609)
(1,332)
Recovery
(3,746)
(1,857)
(3,279)
(1,838)
Ending net carrying amount
$16,993
$16,404
$16,993
$16,404
Small business loans
Beginning net carrying amount
2,941
4,480
3,272
4,752
Additions
476
580
916
1,124
Amortization
(622)
(762)
(1,283)
(1,551)
Impairment
(169)
(239)
(279)
(266)
Ending net carrying amount
$2,626
$4,059
$2,626
$4,059
Total servicing rights
$117,463
$124,283
$117,463
$124,283
Schedule of Servicing Assets at Fair Value The table below presents additional information about servicing rights at amortized cost.
As of June 30, 2026
As of December 31, 2025
(in thousands)
UPB
Carrying Value
UPB
Carrying Value
SBA
$1,886,796
$38,817
$1,916,211
$41,056
Multi-family
6,166,547
59,027
6,318,735
61,331
USDA
601,222
16,993
699,779
20,620
Small business loans
385,059
2,626
419,016
3,272
Total
$9,039,624
$117,463
$9,353,741
$126,279
Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement The table below presents significant assumptions used in the estimated valuation of servicing rights at amortized cost.
June 30, 2026
December 31, 2025
Range of input values
Weighted Average
Range of input values
Weighted Average
SBA
Forward prepayment rate
3.1%
-
21.7%
10.1%
6.0%
-
21.6%
9.8%
Forward default rate
0.0%
-
2.7%
1.1%
0.0%
-
3.8%
1.3%
Discount rate
7.4%
-
20.5%
12.0%
7.4%
-
19.0%
11.9%
Servicing expense
0.4%
-
0.4%
0.4%
0.4%
-
0.4%
0.4%
Multi-family
Forward prepayment rate
0.0%
-
7.6%
2.4%
0.0%
-
7.6%
7.3%
Forward default rate
0.0%
-
0.2%
0.1%
0.0%
-
0.2%
0.1%
Discount rate
5.2%
-
5.2%
5.2%
5.2%
-
5.2%
5.2%
Servicing expense
0.0%
-
0.7%
0.1%
0.0%
-
0.8%
0.1%
USDA
Forward prepayment rate
6.4%
-
18.8%
13.6%
5.5%
-
16.9%
12.1%
Discount rate
3.2%
-
4.4%
4.3%
4.9%
-
6.0%
5.8%
Servicing expense
0.1%
-
0.3%
0.2%
0.1%
-
0.3%
0.2%
Small business loans
Discount rate
6.0%
-
6.0%
6.0%
6.0%
-
6.0%
6.0%
Servicing expense
0.5%
-
0.5%
0.5%
0.5%
-
0.5%
0.5%
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets The table below presents the possible impact of 10% and 20% adverse changes to key assumptions on servicing rights.
(in thousands)
June 30, 2026
December 31, 2025
SBA
Forward prepayment rate
Impact of 10% adverse change
$(1,168)
$(1,228)
Impact of 20% adverse change
$(2,269)
$(2,390)
Forward default rate
Impact of 10% adverse change
$(170)
$(199)
Impact of 20% adverse change
$(340)
$(396)
Discount rate
Impact of 10% adverse change
$(1,260)
$(1,356)
Impact of 20% adverse change
$(2,419)
$(2,621)
Servicing expense
Impact of 10% adverse change
$(2,579)
$(2,697)
Impact of 20% adverse change
$(5,158)
$(5,394)
Multi-family
Forward prepayment rate
Impact of 10% adverse change
$(434)
$(470)
Impact of 20% adverse change
$(854)
$(923)
Forward default rate
Impact of 10% adverse change
$(26)
$(28)
Impact of 20% adverse change
$(51)
$(56)
Discount rate
Impact of 10% adverse change
$(1,757)
$(1,852)
Impact of 20% adverse change
$(3,442)
$(3,625)
Servicing expense
Impact of 10% adverse change
$(2,311)
$(2,422)
Impact of 20% adverse change
$(4,622)
$(4,845)
USDA
Forward prepayment rate
Impact of 10% adverse change
$(1,005)
$(1,066)
Impact of 20% adverse change
$(1,915)
$(2,040)
Discount rate
Impact of 10% adverse change
$(330)
$(526)
Impact of 20% adverse change
$(647)
$(1,027)
Servicing expense
Impact of 10% adverse change
$(672)
$(797)
Impact of 20% adverse change
$(1,343)
$(1,593)
Small business loans
Discount rate
Impact of 10% adverse change
$(8)
$(15)
Impact of 20% adverse change
$(16)
$(29)
Servicing expense
Impact of 10% adverse change
$(273)
$(280)
Impact of 20% adverse change
$(547)
$(560)
Schedule of Servicing Rights, Future Amortization Expense The table below presents estimated future amortization expense for servicing rights.
(in thousands)
June 30, 2026
2026
$11,546
2027
20,263
2028
16,868
2029
14,658
2030
12,811
Thereafter
41,317
Total
$117,463