PBCI » Topics » Foreclosed Real Estate and Investment in Real Estate

This excerpt taken from the PBCI 10-K filed Mar 16, 2007.

Foreclosed Real Estate and Investment in Real Estate

Real estate acquired by foreclosure or deed in lieu of foreclosure is initially recorded at estimated fair value at date of acquisition, establishing a new cost basis and subsequently carried at the lower of such initially recorded amount or estimated fair value less estimated costs to sell. Costs incurred in developing or preparing properties for sale are capitalized. Expenses of holding properties and income from operating properties are recorded in operations as incurred or earned. Gains and losses from sales of such properties are recognized as incurred.

Real estate held for investment is carried at cost less accumulated depreciation. Income and expense of operating the property are recorded in operations.

This excerpt taken from the PBCI 10-K filed Mar 16, 2006.

Foreclosed Real Estate and Investment in Real Estate

Real estate acquired by foreclosure or deed in lieu of foreclosure is initially recorded at the lower of cost or estimated fair value at date of acquisition and subsequently carried at the lower of such initially recorded amount or estimated fair value less estimated costs to sell. Costs incurred in developing or preparing properties for sale are capitalized. Expenses of holding properties and income from operating properties are recorded in operations as incurred or earned. Gains and losses from sales of such properties are recognized as incurred.

Real estate held for investment is carried at cost less accumulated depreciation. Income and expense of operating the property are recorded in operations.

EXCERPTS ON THIS PAGE:

10-K
Mar 16, 2007
10-K
Mar 16, 2006
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