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Mortgage Loans to be Sold
3 Months Ended
Mar. 31, 2012
Mortgage Loans To Be Sold  
Mortgage Loans to be Sold

NOTE 4: Mortgage Loans to be Sold:

Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated market value in the aggregate. Net unrealized losses are provided for in a valuation allowance by charges to operations as a component of mortgage banking income. At March 31, 2012 and December 31, 2011, the Company had approximately $8.5 million and $7.6 million in mortgage loans held for sale, respectively. Gains or losses on sales of loans are recognized when control over these assets has been surrendered and are included in mortgage banking income in the consolidated statements of income.