FORECLOSED ASSETS

12 Months Ended

Dec. 31, 2011

Repossessed Assets [Abstract]

FORECLOSED ASSETS

NOTE 5 FORECLOSED ASSETS

A summary of activity in foreclosed assets for the period ended December 31 is as follows:

	2011			2010
Balance at beginning of year	$	4,967		$	3,776
Transfer of loans at net realizable value to foreclosed assets		1,006			3,030
Sale proceeds		(987	)		(897	)
Loans made on sale of foreclosed assets		(1,075	)		(557	)
Net gain from sale of foreclosed assets		20			20
Provision for write-down charged to operations		(992	)		(405	)
Balance at end of year	$	2,939		$	4,967

Net gain and loss from the sale of foreclosed assets as well as the provision to expense for the partial write-down of foreclosed assets prior to sale are recorded as loss on foreclosed assets. Loss on foreclosed assets also includes periodic holding costs related to foreclosed assets. The total loss on foreclosed assets was $1,197, $849, and $1,130 during the years ended 2011, 2010, and 2009, respectively.