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Note 7 - Other Real Estate Owned
 9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Real Estate Owned [Text Block]
7.
Other Real Estate Owned
 
The following are changes in OREO during the periods indicated:
 
    For the three months ended
September 30,		   For the nine months ended
September 30,
    2016   2015   2016   2015
    (In thousands)
                 
Balance at beginning of period   $ 3,668     $ 4,255     $ 4,932     $ 6,326  
Acquisitions     -       816       486       1,588  
Write-down of carrying value     (829 )     -       (1,763 )     (896 )
Sales     -       (216 )     (816 )     (2,163 )
                                 
Balance at end of period
(1)
   $ 2,839     $ 4,855     $ 2,839     $ 4,855  
 
(1)
OREO are included in other assets on the Company’s Consolidated Statements of Financial Condition.
 
 
The following table shows the gross gains, gross losses and write-downs of OREO reported in the Consolidated Statements of Income during the periods indicated:
 
    For the three months ended
September 30,		   For the nine months ended
September 30,
    2016   2015   2016   2015
    (In thousands)
                 
Gross gains   $ -     $ 4     $ 37     $ 306  
Gross losses     -       -       -       (6 )
Write-down of carrying value     (829 )     -       (1,763 )     (896 )
                                 
Total net loss   $ (829 )   $ 4     $ (1,726 )   $ (596 )
 
We may obtain physical possession of residential real estate collateralizing a consumer mortgage loan via foreclosure or an in-substance repossession. During the three and nine months ended September 30, 2016, we did not foreclose on any consumer mortgages through in-substance repossession. At September 30, 2016, we held two foreclosed residential real estate properties totaling $0.6 million and at December 31, 2015, we held one foreclosed residential real estate property for $0.l million. Included within net loans as of September 30, 2016 and December 31, 2015 was a recorded investment of $12.9 million and $15.2 million, respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdiction.