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LOAN SERVICING RIGHTS
 3 Months Ended
Mar. 31, 2023
Transfers and Servicing [Abstract]  
LOAN SERVICING RIGHTS LOAN SERVICING RIGHTS
A summary of loan servicing rights at March 31, 2023 and December 31, 2022 is as follows:
March 31, 2023December 31, 2022
(dollars in thousands)Serviced LoansCarrying ValueServiced LoansCarrying Value
SBA$43,787 $599 $46,081 $656 
Residential247,426 518 255,298 549 
Commercial FHA held for sale2,201,277 20,745 2,255,617 20,745 
Total$2,492,490 $21,862 $2,556,996 $21,950 
Commercial FHA Mortgage Loan Servicing
During the third quarter of 2022, the Company committed to a plan to sell our commercial FHA servicing portfolio and, therefore, transferred $24.0 million to commercial FHA servicing rights held for sale. Servicing rights held for sale are recorded at the lower of their carrying value or fair value less estimated costs to sell. At March 31, 2023 and December 31, 2022, the $20.7 million carrying amount of the asset reflected its estimated fair value less estimated selling costs. Fair value was based on a letter of intent to purchase from an interested buyer.
Changes in our commercial FHA loan servicing rights for the three months ended March 31, 2022 are summarized as follows:
Three Months Ended March 31,
(dollars in thousands)2022
Loan servicing rights:
Balance, beginning of period$27,386 
Amortization(660)
Refinancing fee received from third party(221)
Permanent impairment(394)
Balance, end of period$26,111 
Fair value:
At beginning of period$28,368 
At end of period27,941