OTHER REAL ESTATE

3 Months Ended

Mar. 31, 2012

OTHER REAL ESTATE [Abstract]

OTHER REAL ESTATE

NOTE H - OTHER REAL ESTATE OWNED

The following tables reflect the activity in the asset, income and expense accounts during the three month periods ending March 31, 2011 and March 31, 2012.  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
(In thousands)
Balance as of December 31, 2010:	$	20,272
Additions to OREO		380
Sales Proceeds		(708	)
Losses and write-downs, net of gains		(135	)
Balance as of  March 31, 2011:	$	19,809
Balance as of December 31, 2011:	$	23,667
Additions to OREO		1,154
Sales Proceeds		(191	)
Losses and write-downs, net of gains		(109	)
Balance as of March 31, 2012:	$	24,521