Annual report pursuant to Section 13 and 15(d)

FORECLOSED PROPERTIES

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FORECLOSED PROPERTIES
 12 Months Ended
Dec. 31, 2011
FORECLOSED PROPERTIES

NOTE 4.             FORECLOSED PROPERTIES

 

Other real estate and certain other assets acquired in foreclosure are carried at the lower of the recorded investment in the loan or fair value less estimated costs to sell the property.

 

An analysis of foreclosed properties for the years ended December 31, 2011, 2010 and 2009 follows:

 

    2011     2010     2009  
Balance at beginning of year   $ 6,966     $ 12,525     $ 10,473  
Transfers from loans and capitalized expenses     9,029       5,447       11,103  
Foreclosed properties sold     (3,334 )     (7,995 )     (6,314 )
Writedowns and partial liquidations     (386 )     (3,011 )     (2,737 )
Balance at end of year   $ 12,275     $ 6,966     $ 12,525