Note 6 - Other Real Estate Owned

9 Months Ended

Sep. 30, 2011

Real Estate Owned [Text Block]

6.           Other Real Estate Owned

The following are changes in Other Real Estate Owned (“OREO”) during the period indicated:

	For the nine months ended
	September 30,
	2011			2010
	(In thousands)
Balance at beginning of period	$	1,588		$	2,262
Acquisitions		4,750			3,811
Writedown of carrying value		(176	)		-
Sales		(1,912	)		(4,983	)
Balance at end of period	$	4,250		$	1,090

During the three months ended September 30, 2011 and 2010, the Company recorded gross gains from the sale of OREO in the amount of $31,000 and $10,000, respectively. During the three months ended September 30, 2011, the Company recorded no gross losses from the sale of OREO and in 2010, recorded losses in the amount of $9,000. During the nine months ended September 30, 2011 and 2010, the Company recorded gross gains from the sale of OREO in the amount of $287,000 and $127,000, respectively. During the nine months ended September 30, 2011 and 2010, the Company recorded gross losses from the sale of OREO in the amount of $12,000 and $159,000, respectively. The net gains / losses on the sale of OREO are included in the Consolidated Statements of Income in Other operating expenses.