Here's what "problem assets" actually look like

Bank financial statements have never been accused of being easy to comprehend. Take Yadkin Valley Financial Corp., which reported fourth quarter earnings last week and touted its "Problem Asset Disposition Plan."

What's that mean? They're selling land. Lots of lots of land.

Here's one of the 'problem assets' to be auctioned

A notice about an upcoming auction from the Iron Horse Auction Co. gives a pretty unusual look into what "problem assets" actually look like, and how a bank can choose to get rid of them.

In short, the bank is auctioning off 170 properties across 17 North Carolina counties and three South Carolina counties.

In the Charlotte area, this includes everything from a mobile home on a lot in Iredell County (see above picture) to 44 acres across from a golf course in Cabarrus County.

Dozens more properties, mostly vacant lots, are being sold in the mountains and in the east. The Iron Horse sites have descriptions and aerial photos of them all.

Yadkin Valley Financial noted in its earnings report that it has already written down the value of these properties -- called OREO, or "other real estate owned" in bank parlance -- to the price it expects to get at the auction.