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OTHER REAL ESTATE OWNED

3 Months Ended

Mar. 31, 2017

Other Real Estate [Abstract]

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 March 31,
(Dollars in Thousands)	2017			2016
Beginning Balance	$	10,638		$	19,290
Additions		1,541			1,201
Valuation Write-downs		(494)			(835)
Sales		(2,111)			(2,206)
Other		(73)			-
Ending Balance	$	9,501		$	17,450

Net expenses applicable to other real estate owned include the following:
	Three Months Ended March 31,
(Dollars in Thousands)	2017			2016
Gains from the Sale of Properties	$	(106)		$	(129)
Losses from the Sale of Properties		102			369
Rental Income from Properties		(32)			-
Property Carrying Costs		125			350
Valuation Adjustments		494			835
Total	$	583		$	1,425

As of March 31, 2017 the Company had $1.2 million of loans secured by residential real estate in the process of foreclosure.

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- 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.

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