Foreclosed Assets

12 Months Ended

Dec. 31, 2011

Foreclosed Assets [Abstract]

FORECLOSED ASSETS

NOTE 5 – FORECLOSED ASSETS

Foreclosed assets at year-end were as follows:

		$2,370			$2,370
	2011			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

Activity in the valuation allowance was as follows:

		$1,139
	2011
Beginning of year	$	—
Additions charged to expense		1,139
Direct write-downs		—
End of year	$	1,139

There was no valuation allowance on foreclosed assets in 2010 or 2009.

Expenses related to foreclosed assets include:

		$1,187			$1,187		$1,187
	2011			2010		2009
Net loss (gain) on sales	$	(7	)	$	—	$	(1	)
Provision for unrealized losses		1,139			—		—
Operating expenses, net of rental income		55			4		—
	$	1,187		$	4	$	(1	)

Foreclosed assets at December 31, 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 year ended December 31, 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 resulted from this valuation allowance and is included in foreclosed assets expense in the consolidated statement of operations.