OTHER REAL ESTATE OWNED

6 Months Ended

Jun. 30, 2016

NOTE 4 – OTHER REAL ESTATE OWNED

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

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in Thousands)	2016		2015		2016		2015
Beginning Balance	$	17,450	$	33,835	$	19,290	$	35,680
Additions		1,218		1,088		2,419		2,830
Valuation Write-downs		(678)		(505)		(1,513)		(1,306)
Sales		(3,368)		(4,026)		(5,574)		(6,763)
Other		-		(225)		-		(274)
Ending Balance	$	14,622	$	30,167	$	14,622	$	30,167

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

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in Thousands)	2016		2015		2016		2015
Gains from the Sale of Properties	$	(166)	$	(534)	$	(294)	$	(655)
Losses from the Sale of Properties		392		348		761		658
Rental Income from Properties		(32)		(43)		(32)		(231)
Property Carrying Costs		188		655		537		1,350
Valuation Adjustments		678		505		1,513		1,306
Total	$	1,060	$	931	$	2,485	$	2,428

As of June 30, 2016 the Company had $1.9 million of loans secured by residential real estate in the process of foreclosure.

- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References

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+ Details