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Loans

9 Months Ended

Sep. 30, 2012

NOTE 3 – LOANS

The composition of net loans receivable at September 30, 2012, and December 31, 2011 is as follows:



(Dollars in thousands)	September 30, 2012		December 31, 2011

Commercial and industrial loans	$	13,244	$	13,711
Construction		6,679		8,520
Commercial real estate		222,525		216,191
Residential real estate		96,916		100,175
Consumer and other		1,347		1,336
		340,711		339,933
Unearned net loan origination fees		(316)		(228)
Allowance for loan losses		(6,721)		(7,210)
Net loans receivable	$	333,674	$	332,495

Mortgage loans serviced for others are not included in the accompanying balance sheets. The total amount of loans serviced for the benefit of others was approximately $708 thousand and $852 thousand at September 30, 2012, and December 31, 2011, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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