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Foreclosed Assets

6 Months Ended

Jun. 30, 2012

NOTE 5 – FORECLOSED ASSETS

Foreclosed assets were as follows:


	June 30, 2012			December 31, 2011
Real Estate:
Single-family residential	$	48		$	—
Commercial		3,436			3,509

Subtotal		3,484			3,509
Valuation allowance		(1,139	)		(1,139	)

Total	$	2,345		$	2,370

Activity in the valuation allowance was as follows:


	Three months ended June 30,					Six months ended June 30,
	2012			2011		2012			2011
Beginning valuation allowance	$	1,139		$	—	$	1,139		$	—
Additions charged to expense		182			1,139		182			1,139
Direct write-downs		(182	)		—		(182	)		—

Ending valuation allowance	$	1,139		$	1,139	$	1,139		$	1,139

Expenses related to foreclosed assets include:


	Three months ended June 30,				Six months ended June 30,
	2012		2011		2012		2011
Net loss (gain) on sales	$	—	$	—	$	—	$	—
Provision for unrealized losses		182		1,139		182		1,139
Operating expenses, net of rental income		6		13		24		46

	$	188	$	1,152	$	206	$	1,185

Foreclosed assets at June 30, 2012 included one single-family residential property and five commercial real estate properties. Foreclosed assets at December 31, 2011 included three commercial real estate properties. The valuation allowance was established in the second quarter of 2011 due to a decline in real estate values on one of the commercial real estate properties, which is undeveloped commercial real estate located in Columbus, Ohio.