XML 35 R10.htm IDEA: XBRL DOCUMENT

Real Estate Acquired in Settlement of Loans

3 Months Ended

Mar. 31, 2012

Real Estate Acquired in Settlement of Loans [Abstract]

Real Estate Acquired in Settlement of Loans

(3) Real Estate Acquired in Settlement of Loans


	March 31,			December 31,
	2012			2011
Commercial	$	17,150		$	17,150
Real estate construction—residential		191,907			306,863
Real estate construction—commercial		13,649,785			13,649,784
Real estate mortgage—residential		2,373,208			2,120,721
Real estate mortgage—commercial		10,867,453			6,623,580

Total	$	27,099,503		$	22,718,098
Less valuation allowance for other real estate owned		(7,189,793	)		(6,976,985	)

Total	$	19,909,710		$	15,741,113


Balance at December 31, 2011	$	22,718,098

Additions, net of charge-offs		5,481,892
Proceeds from sales		(1,107,285	)
Net gain on sales		6,798

Total other real estate owned	$	27,099,503
Less valuation allowance for other real estate owned		(7,189,793	)

Balance at March 31, 2012	$	19,909,710

Activity in the valuation allowance for other real estate owned in settlement of loans for the three months ended March 31, 2012 and 2011, respectively, is summarized as follows:


	Three Months Ended March 31,
	2012			2011
Balance, beginning of period	$	6,976,985		$	6,158,433
Provision for other real estate owned		253,725			160,665
Charge-offs		(40,917	)		—

Balance, end of period	$	7,189,793		$	6,319,098