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Transfer of Financial Assets
6 Months Ended
Jun. 30, 2011
Transfer of Financial Assets [Abstract]  
TRANSFER OF FINANCIAL ASSETS
NOTE 10. TRANSFER OF FINANCIAL ASSETS
On March 12, 2010, the Company transferred certain nonperforming loans, without recourse, and $14.8 million in exchange for the acquisition of a pool of performing residential mortgage home equity loans.
The acquired residential mortgage home equity loan portfolio was initially recorded at an estimated fair value of $21.8 million. The initial fair value of the residential home equity loan portfolio was measured based on the fair value of the assets transferred and derecognized. No gain on loss was recorded resulting from this transaction.
At the settlement date the mortgage home equity loan pool consisted of 562 loans with an average principal balance of approximately $39 thousand, a weighted average credit score of 744, a weighted average loan to value of 86%, and a weighted average yield of 7.76%. Fifty-one percent of the mortgage home equity loan pool is located in the state of Michigan; the remaining balance is geographically disbursed throughout the United States.