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Real Estate Acquired in Settlement of Loans
9 Months Ended
Sep. 30, 2011
Real Estate Acquired in Settlement of Loans [Abstract] 
Real Estate Acquired in Settlement of Loans
(3)   Real Estate Acquired in Settlement of Loans

 

                 
    September 30,     December 31,  
    2011     2010  

Commercial

   $ —       $ 67,421  

Real estate mortgage - construction

    15,010,310       13,229,199  

Real estate mortgage

     9,365,615       6,254,221  
   

 

 

    

 

 

  

Total

   $ 24,375,925     $ 19,550,841  

Less valuation allowance for other real estate owned

     (6,629,746 )      (6,158,433 ) 
   

 

 

    

 

 

  

Total

   $ 17,746,179     $ 13,392,408  
   

 

 

    

 

 

  

 

         

Balance at December 31, 2010

   $ 19,550,841  

Additions, net of charge-offs

     9,419,615  

Proceeds from sales

     (4,577,305 ) 

Net loss on sales

     (17,226 ) 
   

 

 

  

Total other real estate owned

   $ 24,375,925  

Less valuation allowance for other real estate owned

     (6,629,746 ) 
   

 

 

  

Balance at September 30, 2011

   $ 17,746,179  
   

 

 

  

Activity in the valuation allowance for other real estate owned in settlement of loans for the three and nine months ended September 30, 2011 and 2010, respectively, is summarized as follows:

 

                                 
    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
    2011     2010     2011     2010  

Balance, beginning of period

   $ 6,536,607     $ —       $ 6,158,433     $ —    

Provision for other real estate owned

     220,163       —         660,968       —    

Charge-offs

     (127,024 )      —         (189,655 )      —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Balance, end of period

   $ 6,629,746     $ —       $ 6,629,746     $ —