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Real Estate Acquired in Settlement of Loans

6 Months Ended

Jun. 30, 2012

Real Estate Acquired in Settlement of Loans [Abstract]

Real Estate Acquired in Settlement of Loans

(3)

Real Estate Acquired in Settlement of Loans


	June 30, 2012			December 31, 2011
Commercial	$	17,150		$	17,150
Real estate construction - residential		191,907			306,863
Real estate construction - commercial		13,453,182			13,649,784
Real estate mortgage - residential		1,737,614			2,120,721
Real estate mortgage - commercial		13,400,266			6,623,580

Total	$	28,800,119		$	22,718,098
Less valuation allowance for other real estate owned		(7,473,763	)		(6,976,985	)

Total	$	21,326,356		$	15,741,113


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

Additions		9,166,963
Proceeds from sales		(2,915,596	)
Charge-offs against the valuation allowance for other real estate owned		(242,634	)
Net gain on sales		73,288

Total other real estate owned	$	28,800,119
Less valuation allowance for other real estate owned		(7,473,763	)

Balance at June 30, 2012	$	21,326,356

During the six months ended June 30, 2012, net charge-offs against the allowance for loan losses at the time of foreclosure were approximately $1,670,000.

Activity in the valuation allowance for other real estate owned in settlement of loans for the three months and six months ended June 30, 2012 and 2011, respectively, is summarized as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Balance, beginning of period	$	7,189,793		$	6,319,098		$	6,976,985		$	6,158,433
Provision for other real estate owned		485,687			280,140			739,412			440,805
Charge-offs		(201,717	)		(62,631	)		(242,634	)		(62,631	)

Balance, end of period	$	7,473,763		$	6,536,607		$	7,473,763		$	6,536,607