Other Real Estate Owned

12 Months Ended

Dec. 31, 2011

Note 6 - Other Real Estate Owned

(Table amounts in $ 000s)

The Company carries as other real estate owned properties acquired through loan foreclosure and repossession. Year-end other real estate owned consisted of the following properties:

	2011		2010

Real estate - vacant land	$	2,212	$	2,209
Real estate - 1-4 family		1,834		1,695
Real estate - 5+ family		6,565		7,544
Real estate - commercial		8,731		12,878

Total other real estate owned	$	19,342	$	24,326

The above table includes a valuation allowance of $4.7 million and $3.5 million at December 31, 2011 and 2010, respectively.

Activity to other real estate owned for the years ended December 31, 2011, 2010 and 2009 follows:

	2011			2010			2009

Balance at beginning of year	$	24,326		$	19,198		$	10,575
Additions		9,633			21,261			18,317
Improvements		0			34			243
Sales proceeds		(10,616	)		(12,140	)		(6,783	)
Gains (losses) on sales		17			(236	)		(1,432	)
Net write-downs		(4,018	)		(3,791	)		(1,722	)

Balance at end of year	$	19,342		$	24,326		$	19,198

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

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+ Details