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Loan Servicing | 12 Months Ended
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Dec. 31, 2010
Loan Servicing [Abstract] |
Loan Servicing | 20. LOAN SERVICING Park serviced sold mortgage loans of $1,471 million at December 31, 2010 compared to $1,518 million at December 31, 2009, and $1,369 million at December 31, 2008. At December 31, 2010, $36.0 million of the sold mortgage loans were sold with recourse compared to $53 million at December 31, 2009. Management closely monitors the delinquency rates on the mortgage loans sold with recourse. At December 31, 2010, management determined that no liability was deemed necessary for these loans. Park capitalized $3.1 million in mortgage servicing rights in 2010, $5.5 million in 2009 and $1.5 million in 2008. Park's amortization of mortgage servicing rights was $3.2 million in 2010, $4.0 million in 2009 and $1.7 million in 2008. The amortization of mortgage loan servicing rights is included within "Other service income". Generally, mortgage servicing rights are capitalized and amortized on an individual sold loan basis. When a sold mortgage loan is paid off, the related mortgage servicing rights are fully amortized. Activity for mortgage servicing rights and the related valuation allowance follows:
December 31 (In thousands) |  | 2010 |  |  | 2009 |
Mortgage servicing rights: |  |  |  |  |  |  |
Carrying amount, net, beginning of year |  | $ | 10,780 |  |  | $ | 8,306 |
Additions |  |  | 3,062 |  |  |  | 5,480 |
Amortization |  |  | (3,180 | ) |  |  | (4,077 | )
Change in valuation allowance |  |  | (174 | ) |  |  | 1,071 |
Carrying amount, net, end of year |  | $ | 10,488 |  |  | $ | 10,780 |
Valuation allowance: |  |  |  |  |  |  |  |
Beginning of year |  | $ | 574 |  |  | $ | 1,645 |
Additions/(reductions) expensed |  |  | 174 |  |  |  | (1,071 | )
End of year |  | $ | 748 |  |  | $ | 574 |

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- Definition Provides the disclosures pertaining to a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 140 -Paragraph 17 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS140-4 and FIN46(R)-8 -Paragraph 6 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS140-4 and FIN46(R)-8 -Paragraph B1-B12 + Details
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