Foreclosed Assets

3 Months Ended

Mar. 31, 2012

Foreclosed Assets [Abstract]

FORECLOSED ASSETS

NOTE 5 – FORECLOSED ASSETS

Foreclosed assets were as follows:

	March 31, 2012			December 31, 2011
Real estate:
Single-family residential	$	83		$	—
Commercial		3,509			3,509
Subtotal		3,592			3,509
Valuation allowance		(1,139	)		(1,139	)
Total	$	2,453		$	2,370

There was no activity in the valuation allowance for the three months ended March 31, 2012 or 2011.

Expenses related to foreclosed assets included operating expenses, net of rental income and totaled $18 and $33, respectively, for the three months ended March 31, 2012 and 2011.

Foreclosed assets at March 31, 2012 and December 31, 2011 included three commercial real estate properties. Foreclosed assets at March 31, 2012 also included one single-family residential property. The valuation allowance was established in the second quarter of 2011 due to a decline in real estate values on one of the commercial real estate properties, which is undeveloped commercial real estate located in Columbus, Ohio.