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LOANS: | 12 Months Ended
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Dec. 31, 2015
Loans Receivable, Net [Abstract] |
LOANS | Loans are summarized as follows:
|  | December 31,
(Dollar amounts in thousands) |  | 2015 |  | 2014
Commercial |  | $ | 1,043,980 |  |  | $ | 1,044,522 |
Residential |  | 444,447 |  |  | 469,172 |
Consumer |  | 272,896 |  |  | 266,656 |
Total gross loans |  | 1,761,323 |  |  | 1,780,350 |
Deferred (fees) costs |  | 2,485 |  |  | 1,078 |
Allowance for loan losses |  | (19,946 | ) |  | (18,839 | )
TOTAL |  | $ | 1,743,862 |  |  | $ | 1,762,589 |
Loans in the above summary include loans totaling $6.5 million and $7.3 million at December 31, 2015 and 2014 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, 2015 and 2014, loans held for sale included $5.9 million and $3.0 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 2015, the aggregate dollar amount of these loans to directors and executive officers who held office amounted to $40.6 million at the beginning of the year. During 2015, advances of $17.8 million, repayments of $7.7 million were made with respect to related party loans for an aggregate dollar amount outstanding of $50.6 million at December 31, 2015. Loans serviced for others, which are not reported as assets, total $511.4 million and $521.7 million at year-end 2015 and 2014. Custodial escrow balances maintained in connection with serviced loans were $2.80 million and $2.59 million at year-end 2015 and 2014. Activity for capitalized mortgage servicing rights (included in other assets) was as follows:
|  | December 31,
(Dollar amounts in thousands) |  | 2015 |  | 2014 |  | 2013
Servicing rights: |  |  |  |  |  |  |  |  |
Beginning of year |  | $ | 1,863 |  |  | $ | 2,065 |  |  | $ | 2,225 |
Additions |  | 531 |  |  | 414 |  |  | 588 |
Amortized to expense |  | (648 | ) |  | (616 | ) |  | (748 | )
End of year |  | $ | 1,746 |  |  | $ | 1,863 |  |  | $ | 2,065 |
Third party valuations are conducted periodically for mortgage servicing rights. Based on these valuations, fair values were approximately $3.1 million and $2.9 million at year end 2015 and 2014. There was no valuation allowance in 2015 or 2014. Fair value for 2015 was determined using a discount rate of 10%, prepayment speeds ranging from 105% to 385%, depending on the stratification of the specific right. Fair value at year end 2014 was determined using a discount rate of 10%, prepayment speeds ranging from 112% to 403%, 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 claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5066-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5162-111524 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5074-111524 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 9 + Details
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