Other Real Estate Owned

9 Months Ended

Sep. 30, 2011

Note 4 – Other Real Estate Owned

Other real estate owned includes property acquired through foreclosure or deed-in-lieu of foreclosure and also includes property deemed to be in-substance foreclosed and are included in “other assets” in the consolidated balance sheets. Changes in other real estate owned were as follows (in thousands):

	Nine Months Ended September 30,
	2011		2010
Balance, beginning of year	$	2,088		2,424
Additions		-		104
Reductions due to valuation write downs		-		(389	)
Balance, end of period	$	2,088		2,139

Other real estate owned at September 30, 2011 consisted of two commercial properties and one single-family residential home. Other real estate owned at September 30, 2010 consisted of two commercial properties and two single-family residential homes. Additions for the 2010 period consisted of one single family residential home.

- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.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.

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+ Details