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OTHER REAL ESTATE OWNED
 6 Months Ended
Jun. 30, 2012
OREO [Abstract]  
Real Estate Owned [Text Block]
OTHER REAL ESTATE OWNED ("OREO")
At the time of foreclosure, real estate is recorded at fair market value based on appraised value less estimated costs to sell, such as realtor and recording fees. Subsequent to foreclosure, properties are appraised annually and adjusted to the lower of carrying amount or fair market value less estimated costs to sell. The following table shows the activity in OREO properties for the six months ended June 30, 2012.

(Dollars in thousands)
December 31, 2011
 
Sales
 
Losses
 
Additions
 
June 30, 2012
 
 
 
 
 
 
 
 
 
 
Commercial
$
2,481

 
$
—

 
$
(33
)
 
$
—

 
$
2,448

Faith-based and non-profit
253

 
(54
)
 
—

 
—

 
199

Residential
174

 
(84
)
 
(8
)
 
337

 
419

Land
307

 
—

 
—

 
—

 
307

Total
$
3,215

 
$
(138
)
 
$
(41
)
 
$
337

 
$
3,373


The following table shows the activity in OREO properties for the three months ended June 30, 2012.
(Dollars in thousands)
March 31, 2012
 
Sales
 
Losses
 
Additions
 
June 30, 2012
 
 
 
 
 
 
 
 
 
 
Commercial
$
2,481

 
$
—

 
$
(33
)
 
$
—

 
$
2,448

Faith-based and non-profit
199

 
—

 
—

 
—

 
199

Residential
130

 
(40
)
 
(8
)
 
337

 
419

Land
307

 
—

 
—

 
—

 
307

Total
$
3,117

 
$
(40
)
 
$
(41
)
 
$
337

 
$
3,373



There were foreclosures related to two borrowers during the three and six months ended June 30, 2012. During the three months ended June 30, 2012, 10 properties, related to one borrower, were moved to the OREO portfolio. The losses recorded during the three and six months ended June 30, 2012, related to two properties under contract for sale, one of which was closed by June 30, 2012, and the other was closed in July 2012.