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Other Real Estate Operations
 12 Months Ended
Dec. 31, 2011
Other Real Estate Operations [Abstract]  
Other Real Estate Operations

Note 6. Other Real Estate Operations

At December 31, 2011 and 2010, the Company had other real estate owned of $2,762,640 and $16,408,787 respectively. For the years ended December 31, 2011, 2010 and 2009, amounts charged to operations for other real estate owned totaled $877,969, $2,286,948 and $793,781 respectively. A summary of other real estate operations for the years ended December 31, 2011, 2010 and 2009 is as follows:

 

                         
    2011     2010     2009  

Expenses of holding other real estate owned

   $ 918,291     $ 1,051,631     $ 837,781  

Impairment write-downs on other real estate owned

     165,764       1,084,023       —    

(Gain) loss on sale of other real estate owned

     (193,786 )      164,494       —    

Rental income from other real estate owned

     (12,300 )      (13,200 )      (44,000 ) 
   

 

 

    

 

 

    

 

 

  

Expense from other real estate operations

   $ 877,969     $ 2,286,948     $ 793,781