Other Real Estate Owned (OREO)

9 Months Ended

Sep. 30, 2012

Other Real Estate Owned (OREO)

NOTE 5 — Other Real Estate Owned (OREO)

The table below reflects changes in OREO for the periods indicated:

	Nine Months Ended, September 30, 2012			Year Ended, December 31, 2011
(Dollars in thousands)	(Unaudited)
Balance at beginning of period	$	615		$	1,829
Properties acquired at foreclosure		1,161			2,305
Sales of foreclosed properties		—			(2,892	)
Valuation adjustments		(166	)		(627	)
Balance at end of period	$	1,610		$	615

The table below reflects expenses applicable to OREO for the periods indicated:

	Nine Months Ended,
	September 30, 2012		September 31, 2011
(Dollars in thousands)	(Unaudited)
Loss on sales of OREO	$	—	$	—
Valuation adjustments		166		204
Operating expenses, net of rental income		82		65
Total OREO expense	$	248	$	269