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REAL ESTATE ACQUIRED IN SETTLEMENT OF LOANS

12 Months Ended

Dec. 31, 2012

REAL ESTATE ACQUIRED IN SETTLEMENT OF LOANS

REAL ESTATE ACQUIRED IN SETTLEMENT OF LOANS

6. REAL ESTATE ACQUIRED IN SETTLEMENT OF LOANS

Real estate acquired in settlement of loans consists of the following:

	December 31,
	2012			2011

Single family properties	$	645,207		$	603,381
Land	1,677,156			2,285,183
Construction	912,543			743,600
Commercial	2,263,635			1,454,753
Less: valuation allowance	(316,138		)	(266,283		)

	$	5,182,403		$	4,820,634

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.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

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

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Reference 8: 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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.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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