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Mortgage servicing rights, Net | 12 Months Ended
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Dec. 31, 2011
Mortgage Servicing [Abstract] |
Schedule Of Servicing Assets At Fair Value Text Block | NOTE 8: MORTGAGE SERVICING RIGHTS, NET Mortgage servicing rights (“MSRs”) are recognized based on the fair value of the servicing rights on the date the corresponding mortgage loans are sold. An estimate of the Company's MSRs is determined using assumptions that market participants would use in estimating future net servicing income, including estimates of prepayment speeds, discount rate, default rates, cost to service, escrow account earnings, contractual servicing fee income, ancillary income, and late fees. Subsequent to the date of transfer, the Company has elected to measure its MSRs under the amortization method. Under the amortization method, MSRs are amortized in proportion to, and over the period of, estimated net servicing income. The Company has recorded MSRs related to loans sold without recourse to Fannie Mae. The Company generally sells conforming, fixed-rate, closed-end, residential mortgages to Fannie Mae. MSRs are included in other assets on the accompanying Consolidated Balance Sheets. The change in amortized MSRs and the related valuation allowance for the years ended December 31, 2011 and 2010, is presented below.
|  |  |  |  | Year ended December 31
(Dollars in thousands) |  |  |  |  | 2011 |  |  | 2010 |  |  | 2009
Beginning balance |  |  |  | $ | 1,189 |  |  | 834 |  |  | —
Additions, net |  |  |  |  | 415 |  |  | 524 |  |  | 914
Amortization expense |  |  |  |  | (242) |  |  | (169) |  |  | (80)
Change in valuation allowance |  |  |  |  | (117) |  |  | — |  |  | —
Ending balance |  |  |  | $ | 1,245 |  |  | 1,189 |  |  | 834
Fair value of amortized MSRs: |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  |  |  |  | 1,335 |  |  | 978 |  |  | —
End of period |  |  |  | $ | 1,245 |  |  | 1,335 |  |  | 978
The Company periodically evaluates MSRs for impairment. Impairment is determined by stratifying MSRs into groupings based on predominant risk characteristics, such as interest rate and loan type. If, by individual stratum, the carrying amount of the MSRs exceeds fair value, a valuation allowance is established. The valuation allowance is adjusted as the fair value changes. Changes in the valuation allowance are recognized in earnings as a component of mortgage lending income. At December 31, 2011, the Company recorded a valuation allowance of $117,000, and at December 31, 2010, there was no valuation allowance recorded for MSRs. Data and assumptions used in the fair value calculation related to MSRs at December 31, 2011 and 2010, respectively, are presented below.
|  |  |  | December 31
(Dollars in thousands) |  |  | 2011 |  |  | 2010
Unpaid principal balance |  | $ | 196,069 |  |  | 157,929
Weighted average prepayment speed (CPR) |  |  | 17.8 | % |  | 12.1
Discount rate (annual percentage) |  |  | 11.0 | % |  | 11.0
Weighted average coupon interest rate |  |  | 4.4 | % |  | 4.6
Weighted average remaining maturity (months) |  |  | 276 |  |  | 289
Weighted average servicing fee (basis points) |  |  | 25.0 |  |  | 25.0
At December 31, 2011, the weighted average amortization period for MSRs was 4.2 7 years. Estimated amortization expense for each of the next five years is presented below.
(Dollars in thousands) | December 31, 2011
2012 |  |  | $ | 309
2013 |  |  |  | 247
2014 |  |  |  | 192
2015 |  |  |  | 148
2016 |  |  |  | 114

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- Definition Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 140 -Paragraph 17 -Subparagraph f -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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6863725&loc=d3e122625-111746 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS140-4/FIN46(R)-8 -Paragraph B9 -Subparagraph a -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. + Details
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