OTHER REAL ESTATE OWNED

6 Months Ended

Jun. 30, 2018

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)	2018		2017		2018		2017
Beginning Balance	$	3,330	$	9,501	$	3,941	$	10,638
Additions		533		144		840		1,685
Valuation Write-downs		(138)		(275)		(632)		(769)
Sales		(352)		(1,209)		(776)		(3,320)
Other		-		(193)		-		(266)
Ending Balance	$	3,373	$	7,968	$	3,373	$	7,968

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

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in Thousands)	2018		2017		2018		2017
Gains from the Sale of Properties	$	(53)	$	(162)	$	(81)	$	(268)
Losses from the Sale of Properties		54		93		142		195
Rental Income from Properties		(3)		(22)		(6)		(54)
Property Carrying Costs		112		131		187		257
Valuation Adjustments		138		275		632		768
Total	$	248	$	315	$	874	$	898

As of June 30, 2018, the Company had $1.5 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