Note 6 - Other Real Estate Owned

3 Months Ended

Mar. 31, 2012

Real Estate Owned [Text Block]

6.           Other Real Estate Owned

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

	For the three months ended March 31,
	2012			2011
	(In thousands)
Balance at beginning of period	$	3,179		$	1,588
Acquisitions		1,293			980
Write-down of carrying value		(88	)		-
Sales		(780	)		(386	)
Balance at end of period	$	3,604		$	2,182

During the three months ended March 31, 2012 and 2011, the Company recorded gross gains from the sale of OREO in the amount of $45,000 and $92,000, respectively. During the three months ended March 31, 2012 and 2011, the Company recorded gross losses from the sale of OREO in the amount of $110,000 and $12,000, respectively. The net gains / losses on the sale of OREO are included in the Consolidated Statements of Income in Other operating expenses.