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Loan Servicing | 12 Months Ended
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Dec. 31, 2011
Loan Servicing [Abstract] |
LOAN SERVICING | NOTE 7 - LOAN SERVICING Mortgage loans serviced for others are not reported as assets. The principal balances of these loans at year-end were as follows:
|  | 2011 |  |  | 2010 |
Mortgage loans serviced for Freddie Mac |  | $ | 13,086 |  |  | $ | 15,633 |
Custodial escrow balances maintained in connection with serviced loans were $219 and $242 at year-end 2011 and 2010. Activity for mortgage servicing rights and the related valuation allowance follows:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Servicing rights, net of valuation allowance: |  |  |  |  |  |  |  |  |  |  |  |
Beginning of year |  | $ | 57 |  |  | $ | 88 |  |  | $ | 112 |
Additions |  |  | — |  |  |  | 1 |  |  |  | 5 |
Amortized to expense |  |  | (23 | ) |  |  | (31 | ) |  |  | (33 | )
Change in valuation allowance |  |  | 3 |  |  |  | (1 | ) |  |  | 4 |
End of year |  |  | 37 |  |  |  | 57 |  |  |  | 88 |
Valuation allowance: |  |  |  |  |  |  |  |  |  |  |  |
Beginning of year |  | $ | 5 |  |  | $ | 4 |  |  | $ | 8 |
Additions expensed |  |  | — |  |  |  | 1 |  |  |  | — |
Reductions credited to operations |  |  | (3 | ) |  |  | — |  |  |  | (4 | )
End of year |  | $ | 2 |  |  | $ | 5 |  |  | $ | 4 |
The fair value of capitalized mortgage servicing rights was $66 and $86 at year-end 2011 and 2010, respectively. Fair value at year-end 2011 was determined using a 9% discount rate and prepayments speeds ranging from 18.4% to 34.5% depending on the stratification of the specific right. Fair value at year-end 2010 was determined using a 9% discount rate and prepayments speeds ranging from 13.1% to 42.0% depending on the stratification of the specific right. The weighted average amortization period is 3.0 years.

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