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Note 7 - Other Real Estate Owned
 6 Months Ended
Jun. 30, 2017
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   For the six months ended
    June 30,   June 30,
    2017   2016   2017   2016
    (In thousands)
                 
Balance at beginning of period   $
-
     $
4,602
     $
533
     $
4,932
  
Acquisitions    
-
      
-
      
-
      
486
  
Write-down of carrying value    
-
      
(934
 )    
-
      
(934
 )
Sales    
-
      
-
      
(533
 )    
(816
 )
                                 
Balance at end of period
(1)
   $
-
     $
3,668
     $
-
     $
3,668
  
 
(
1
)		 OREO are included in other assets on the Company’s Consolidated Statements of Financial Condition.
 
The following table shows the gross gains and write-downs of OREO reported in the Consolidated Statements of Income during the periods indicated:
 
    For the three months ended   For the six months ended
    June 30,   June 30,
    2017   2016   2017   2016
    (In thousands)
                 
Gross gains   $
-
     $
-
     $
50
     $
37
  
Write-down of carrying value    
-
      
(934
 )    
-
      
(934
 )
                                 
Total net loss (gain)   $
-
     $
(934
 )   $
50
     $
(897
 )
 
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
six
months ended
June 30, 2017,
we did
not
foreclose on any consumer mortgages through in-substance repossession. We did
not
hold any foreclosed residential real estate properties at
June 30, 2017.
At
December 31, 2016,
we held
one
foreclosed residential real estate property for
$0.5
million. Included within net loans as of
June 30, 2017
and
December 31, 2016
was a recorded investment of
$9.9
million and
$11.4
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.