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LOANS: | 12 Months Ended
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Dec. 31, 2011
LOANS: |
LOANS: |
5. LOANS: Loans are summarized as follows:
|  | December 31, |
(Dollar amounts in thousands) |  | 2011 |  | 2010 |
Commercial |  | $ | 1,099,324 |  | $ | 896,107 |
Residential |  | 505,600 |  | 437,576 |
Consumer |  | 289,717 |  | 307,403 |
Total gross loans |  | 1,894,641 |  | 1,641,086 |
Less: unearned income |  | (962 | ) | (940 | )
Allowance for loan losses |  | (19,241 | ) | (22,336 | )
TOTAL |  | $ | 1,874,438 |  | $ | 1,617,810 |
Loans in the above summary include loans totaling $35.0 million that are subject to the FDIC loss share arrangement (“covered loans”) discussed in footnote 6. The Corporation periodically sells residential mortgage loans it originates based on the overall loan demand of the Corporation and the outstanding balances in the residential mortgage portfolio. At December 31, 2011 and 2010, loans held for sale included $4.1 million and $3.4 million, respectively, and are included in the totals above. In the normal course of business, the Corporation’s subsidiary banks make loans to directors and executive officers and to their associates. In 2011, the aggregate dollar amount of these loans to directors and executive officers who held office amounted to $37.4 million at the beginning of the year. During 2011, advances of $32.0 million, repayments of $10.8 million and decreases of $0.1 million resulting from changes in personnel were made with respect to related party loans for an aggregate dollar amount outstanding of $58.5 million at December 31, 2011. Loans serviced for others, which are not reported as assets, total $450.1 million and $469.3 million at year-end 2011 and 2010. Custodial escrow balances maintained in connection with serviced loans were $1.89 million and $1.93 million at year-end 2011 and 2010. Activity for capitalized mortgage servicing rights (included in other assets) was as follows:
|  | December 31, |
(Dollar amounts in thousands) |  | 2011 |  | 2010 |  | 2009 |
Servicing rights: |  |  |  |  |  |  |
Beginning of year |  | $ | 2,080 |  | $ | 2,034 |  | $ | 1,604 |
Additions* |  | 1,035 |  | 810 |  | 1,294 |
Amortized to expense |  | (686 | ) | (764 | ) | (864 | )
End of year |  | $ | 2,429 |  | $ | 2,080 |  | $ | 2,034 |
* In 2011 $520 thousand is from the acquisition of Freestar Bank Third party valuations are conducted periodically for mortgage servicing rights. Based on these valuations, fair values were approximately $3.9 million and $3.4 million at year end 2011 and 2010. There was no valuation allowance in 2011 or 2010. Fair value for 2011 was determined using a discount rate of 9%, prepayment speeds ranging from 160% to 700%, depending on the stratification of the specific right. Fair value at year end 2010 was determined using a discount rate of 9%, prepayment speeds ranging from 213% to 700%, depending on the stratification of the specific right. Mortgage servicing rights are amortized over 8 years, the expected life of the sold loans.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 + Details
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