Note 5 - Foreclosed Assets

9 Months Ended

Sep. 30, 2011

Foreclosed Assets [Text Block]

5.   FORECLOSED ASSETS

 Foreclosed asset activity:

	September 30,			September 30,
	2011			2010
Beginning of year	$	3,382,594		$	6,440,916
Additions		876,597			3,008,594
Reductions from sales		(515,305	)		(1,803,434	)
Direct write-downs		(1,038,725	)		(1,972,789	)
End of period	$	2,705,161		$	5,673,287
Expenses related to foreclosed assets include:
Operating expenses, net of rental income	$	102,292		$	331,990