As of December 31, 2013, Bancorp had foreclosed real estate consisting of 29 residential properties with a carrying value of $8,972,000. During the year ended December 31, 2013, Bancorp sold a total of 35 properties previously included in foreclosed real estate. The properties sold during 2013 had a combined net book value of $8,953,000 after total write-downs taken subsequent to their transfer from loans to foreclosed real estate of $3,644,000, and were sold at a combined net loss of $367,000. In addition, Bancorp incurred $1,249,000 in expenses related to the sale of the properties. The following table summarizes the changes in foreclosed real estate for the years ended December 31, 2013 and 2012 (dollars in thousands):

Foreclosed real estate at December 31, 2011		19,932
Transferred from impaired loans, net of specific reserves of $3,267		13,248
Property improvements		374
Additional write downs		(3,284	)
Property sold, including loss on sale		(18,829	)
Foreclosed real estate at December 31, 2012	$	11,441
Transferred from impaired loans, net of specific reserves of $3,303		10,169
Property improvements		925
Additional write downs		(4,610	)
Property sold, including loss on sale		(8,953	)
Foreclosed real estate at December 31, 2013	$	8,972