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LOANS: | 12 Months Ended
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Dec. 31, 2021
Loans and Leases Receivable, Net Amount [Abstract] |
LOANS | Loans are summarized as follows:
|  | December 31,
(Dollar amounts in thousands) |  | 2021 |  | 2020
Commercial |  | $ | 1,674,066 |  |  | $ | 1,521,711 |
Residential |  | 664,509 |  |  | 604,652 |
Consumer |  | 474,026 |  |  | 479,750 |
Total gross loans |  | 2,812,601 |  |  | 2,606,113 |
Deferred costs, net |  | 3,294 |  |  | 4,181 |
Allowance for credit losses |  | (48,305) |  |  | (44,076) |
TOTAL |  | $ | 2,767,590 |  |  | $ | 2,566,218 |
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, 2021 and 2020, loans held for sale were $4.2 million and $7.1 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 2021, the aggregate dollar amount of these loans to directors and executive officers who held office amounted to $57.5 million at the beginning of the year. During 2021, advances of $57.5 million, repayments of $64.1 million, and additions for new directors of $0.0 million were made with respect to related party loans for an aggregate dollar amount outstanding of $50.9 million at December 31, 2021. Loans serviced for others, which are not reported as assets, total $542.8 million and $490.4 million at year-end 2021 and 2020. Custodial escrow balances maintained in connection with serviced loans were $3.0 million and $3.0 million at year-end 2021 and 2020. Activity for capitalized mortgage servicing rights (included in other assets) was as follows:
|  | December 31,
(Dollar amounts in thousands) |  | 2021 |  | 2020 |  | 2019
Servicing rights: |  |  |  |  |  |
Beginning of year |  | $ | 1,601 |  |  | $ | 1,435 |  |  | $ | 1,431 |
Additions |  | 1,094 |  |  | 956 |  |  | 579 |
Amortized to expense |  | (736) |  |  | (790) |  |  | (575) |
End of year |  | $ | 1,959 |  |  | $ | 1,601 |  |  | $ | 1,435 |
Third party valuations are conducted periodically for mortgage servicing rights. Based on these valuations, fair values were approximately $2.7 million and $2.4 million at year end 2021 and 2020. There was no valuation allowance in 2021 or 2020. Fair value for 2021 was determined using a discount rate of 12.5%, prepayment speeds ranging from 185% to 453%, depending on the stratification of the specific right. Fair value at year end 2020 was determined using a discount rate of 12.5%, prepayment speeds ranging from 239% 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/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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