XML 151 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Loans Held For Sale
12 Months Ended
Dec. 31, 2011
Loans Held For Sale [Abstract]  
Loans Held For Sale

NOTE 4 – LOANS HELD FOR SALE

Residential loans that Old National has committed to sell are recorded at fair value in accordance with FASB ASC 825-10 (SFAS No. 159 – The Fair Value Option for Financial Assets and Financial Liabilities). At December 31, 2011 and 2010, Old National had residential loans held for sale of $4.5 million and $3.8 million, respectively.

During 2011, commercial and commercial real estate loans held for investment of $5.4 million, including $0.1 million of purchased impaired loans, were reclassified to loans held for sale at the lower of cost or fair value and sold for $5.6 million, resulting in income of $0.2 million. At December 31, 2011, there were no loans held for sale under this arrangement.

During 2010, commercial and commercial real estate loans held for investment of $3.2 million were reclassified to loans held for sale at the lower of cost or fair value and sold for $3.6 million, resulting in a recovery of $0.4 million on the loans transferred. At December 31, 2010, there were no loans held for sale under this arrangement.