OTHER REAL ESTATE

9 Months Ended

Sep. 30, 2011

OTHER REAL ESTATE [Abstract]

OTHER REAL ESTATE

NOTE H – OTHER REAL ESTATE

The following tables reflect the activity in the asset, income and expense accounts during the nine month periods ending September 30, 2010 and September 30, 2011.  The first table summarizes the activity in the other real estate asset account.  Additions to other real estate owned include property gained through loan foreclosures as well as capital expenditures since foreclosure.  Sales proceeds represent amounts received on a completion of a sale of property as well as lease purchase payments.  Losses and gains are recognized on the closing of a sale of property and write-downs are incurred as the value reflected on recent appraisals fall below the carrying value of the property.  The second table shows the costs of holding the properties as well as the net losses incurred on the disposition of the properties.

CHANGES IN CARRYING VALUE OF ORE
Balance as of December 31, 2009:		$	20,770
Additions to OREO			4,493
Sales Proceeds			(3,860	)
Losses and write-downs, net of gains			(1,262	)
Balance as of  September 30, 2010:		$	20,141
Balance as of December 31, 2010:		$	20,272
Additions to OREO			5,972
Sales Proceeds			(2,080	)
Losses and write-downs, net of gains			(215	)
Balance as of September 30, 2011:		$	23,949
	Nine Months Ended September 30,
	2011		2010
Writedowns, net of gains on sale	$          215	$	1,262
Operating expenses, net of rental income	109		276
Total expenses related to foreclosed assets	$          324	$	1,538