Other Real Estate Owned and Other Repossessed Assets

12 Months Ended

Dec. 31, 2011

Other Real Estate Owned and Other Repossessed Assets [Abstract]

OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS

8. OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS

Real estate owned and other repossessed assets at December 31, 2011and 2010 was as follows:

		September 30,			September 30,
	December 31,			December 31,
	2011			2010
	(Dollars in thousands)
Real estate owned and other repossessed assets	$	42,250		$	47,668
Valuation allowance		(8,764	)		(7,332	)
End of period	$	33,486		$	40,336

Activity in the valuation allowance was as follows:

		September 30,			September 30,			September 30,
	2011			2010			2009
	(Dollars in thousands)
Beginning of year	$	7,332		$	7,867		$	2,754
Additions charged to expense		4,684			4,572			7,925
Direct write-downs		(3,252	)		(5,107	)		(2,812	)
End of year	$	8,764		$	7,332		$	7,867

Expenses related to foreclosed and repossessed assets include:

		September 30,		September 30,		September 30,
	2011		2010		2009
	(Dollars in thousands)
Net loss (gain) on sales	$	1,481	$	1,551	$	(187	)
Provision for unrealized losses		4,684		4,572		8,105
Operating expenses, net of rental income		2,891		4,971		2,713
Total expenses	$	9,056	$	11,094	$	10,631