Note 4 - Other Real Estate Owned

12 Months Ended

Dec. 31, 2011

Real Estate Owned [Text Block]

4. Other Real Estate Owned

The following table shows the activity in OREO during the periods indicated:

	For the years ended
	December 31,
	2011			2010			2009
	(In thousands)
Balance at beginning of year	$	1,588		$	2,262		$	125
Acquisitions		7,286			4,813			2,612
Reductions to carrying value		(209	)		(75	)		(27	)
Sales		(5,486	)		(5,412	)		(448	)
Balance at end of year	$	3,179		$	1,588		$	2,262

During the years ended December 31, 2011 and 2010 the Company recorded gross gains of $357,000 and $126,000, respectively, from the sale of OREO. There were no gross gains in the year ended December 31, 2009, from the sale of OREO. During the years ended December 31, 2011, 2010 and 2009 the Company recorded gross losses of $135,000, $216,000 and $7,000, respectively, from the sale of OREO. The balance of OREO is included in Other Assets on the Consolidated Statements of Financial Condition.