NOTE 4 — FORECLOSED ASSETS


	September 30, 2011			December 31, 2010
Commercial	$	—		$	1,000
Commercial real estate		3,509			3,509

Subtotal		3,509			4,509
Valuation allowance		(1,139	)		—

Total	$	2,370		$	4,509

Foreclosed assets at September 30, 2011 and December 31, 2010 included three commercial real estate properties, while foreclosed assets at December 31, 2010 also included inventory related to a commercial loan. During the nine months ended September 30, 2011, a $1,139 valuation allowance was established on one of the commercial real estate properties, undeveloped commercial real estate located in Columbus, Ohio, due to a decline in real estate values. A $1,139 charge resulting from this valuation allowance is included in foreclosed assets expense in the consolidated statement of operations.