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OTHER REAL ESTATE OWNED
 9 Months Ended
Sep. 30, 2015
DisclosureOtherRealEstateOwnedAbstract  
Other Real Estate Owned

NOTE 4 – OTHER REAL ESTATE OWNED

 

The following table presents other real estate owned activity for the periods indicated.

 

   Three Months Ended September 30,  Nine Months Ended September 30,
(Dollars in Thousands)  2015  2014  2015  2014
Beginning Balance  $30,167   $42,579   $35,680   $48,071 
Additions   1,242    2,854    4,072    12,121 
Valuation Write-downs   (269)   (664)   (1,575)   (2,216)
Sales   (5,921)   (2,693)   (12,684)   (15,900)
Other   —      (350)   (274)   (350)
Ending Balance  $25,219   $41,726   $25,219   $41,726 

 

Net expenses applicable to other real estate owned include the following:

 

   Three Months Ended September 30,  Nine Months Ended September 30,
(Dollars in Thousands)  2015  2014  2015  2014
Gains from the Sale of Properties  $(31)  $(107)  $(686)  $(441)
Losses from the Sale of Properties   591    483    1,249    1,648 
Rental Income from Properties   (13)   (81)   (244)   (356)
Property Carrying Costs   486    824    1,836    2,391 
Valuation Adjustments   269    664    1,575    2,216 
Total  $1,302   $1,783   $3,730   $5,458 

 

As of September 30, 2015, the Company had $2.1 million of loans secured by residential real estate in the process of foreclosure.