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Other Real Estate Owned
 12 Months Ended
Dec. 31, 2012
Other Real Estate Owned: [Abstract]  
Other Real Estate Owned
Other Real Estate Owned:

At the applicable foreclosure date, OREO is recorded at the fair value of the real estate, less the estimated costs to sell the real estate. The carrying value of OREO is regularly evaluated and, if necessary, the carrying value is reduced to net realizable value. The following table presents OREO for the periods presented:
 
 
Years Ended December 31,
 
 
2012
 
2011
 
2010
 
 
(Dollars in thousands)
 
 
Balance, beginning of period
 
$
6,650

 
$
4,429

 
$
11,538

Additions to OREO
 
1,864

 
9,572

 
8,946

Proceeds from sale of OREO
 
(3,391
)
 
(6,429
)
 
(13,442
)
Valuation adjustments in the period (1)
 
(172
)
 
(922
)
 
(2,613
)
Balance, end of period, December 31
 
$
4,951

 
$
6,650

 
$
4,429

___________________________
(1)
Amount includes chargedowns and gains/losses on sale of OREO

For the periods indicated, OREO assets consisted of the following (in thousands):

 
December 31, 2012
 
December 31, 2011
Single family residence
$
79

 
1.6
%
 
$
166

 
2.5
%
Developed residential lots
1,308

 
26.4
%
 
2,048

 
30.8
%
Commercial buildings
—

 
—
%
 
483

 
7.3
%
Raw land
3,564

 
72.0
%
 
3,953

 
59.4
%
Total OREO
$
4,951

 
100.0
%
 
$
6,650

 
100.0
%


The Company’s Special Assets Group continues to dispose of OREO properties through a combination of individual and bulk sales to investors.