Other Real Estate

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Other Real Estate

NOTE C   OTHER REAL ESTATE

Other Real Estate consists of real estate acquired through foreclosure or deed taken in lieu of foreclosure. A summary of the activity of Other Real Estate follows:

	Years Ended December 31,
	2011			2010
Balance, Beginning of Year	$	3,137,074		$	2,011,887
Transfers from Loans		1,496,131			1,125,190
Recognition of Impairment in Value		(13,072	)		—
Capitalized Costs		20,608			—
Proceeds from Sale		(59,004	)		(395,000	)
Gain (Loss) on Sale		15,599			394,997
Balance, End of Year	$	4,597,336		$	3,137,074

The net income (expense) from Other Real Estate totaled ($233,369) in 2011, $59,392 in 2010, and ($124,855) in 2009.