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Real Estate Acquired in Settlement of Loans

9 Months Ended

Sep. 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


(in thousands)	September 30, 2012			December 31, 2011
Commercial	$	329		$	17
Real estate construction - residential		112			307
Real estate construction - commercial		13,407			13,650
Real estate mortgage - residential		1,586			2,121
Real estate mortgage - commercial		16,444			6,623

Total	$	31,878		$	22,718
Less valuation allowance for other real estate owned		(7,480	)		(6,977	)

Total	$	24,398		$	15,741


Balance at December 31, 2011	$	22,718

Additions		15,585
Proceeds from sales		(5,323	)
Charge-offs against the valuation allowance for other real estate owned		(1,318	)
Net gain on sales		216

Total other real estate owned	$	31,878
Less valuation allowance for other real estate owned		(7,480	)

Balance at September 30, 2012	$	24,398

During the three and nine months ended September 30, 2012, net charge-offs against the allowance for loan losses at the time of foreclosure were approximately $2,401,000 and $4,141,000, respectively.

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


(in thousands)	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Balance, beginning of period	$	7,474		$	6,537		$	6,977		$	6,158
Provision for other real estate owned		1,081			220			1,821			661
Charge-offs		(1,075	)		(127	)		(1,318	)		(189	)

Balance, end of period	$	7,480		$	6,630		$	7,480		$	6,630