Other Real Estate Owned, Net (Tables)

12 Months Ended

Dec. 31, 2013

Net of Valuation Allowances for Losses on Other Real Estate Owned

Other real estate owned (“OREO”) is presented net of a valuation allowance for losses. An analysis of the valuation allowance on OREO is shown below.

	Years ended
	2013			2012
Balance, beginning of year	$	561,758		$	150,192
Provision for losses		300,341			505,766
Charge-offs		(324,150	)		(94,200	)
Balance, end of period	$	537,949		$	561,758

Components of Expenses Applicable to Foreclosed Assets

Expenses applicable to OREO include the following:

	Years ended
	2013		2012
Net loss on sales of real estate	$	263,116	$	230,840
Provision for losses		300,341		505,766
Operating expenses, net of income		124,164		186,161
Total expenses	$	687,621	$	922,767