NOTE 10 - Other Real Estate Owned

At December 31, 2012 and 2011, the Company held $4.5 million and $5.2 million, respectively, as OREO. The Company recognized net operating expenses of $1.1 million and net revenue of $710,000 and $1.1 million related to OREO properties in 2012, 2011, and 2010, respectively. The following table details net operating expense related to OREO for the periods indicated:



(In Thousands)	2012		$ Change		% Change		2011		$ Change		% Change		2010
Net OREO expense, net rental
income and gains on sale:
OREO operating expense	$	701	$	366	109	%	$	335	$	(547)	(62)	%	$	882
Impairment on OREO		469		377	410	%		92		(154)	(63)	%		246
Rental income on OREO		(35)		213	(86)	%		(248)		362	(59)	%		(610)
Gains on sale of OREO		(46)		843	(95)	%		(889)		774	(47)	%		(1,663)
	$	1,089	$	1,799	(253)	%	$	(710)	$	435	(38)	%	$	(1,145)

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

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