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Other Real Estate Owned

12 Months Ended

Dec. 31, 2017

Other Real Estate Owned [Abstract]

Other Real Estate Owned

NOTE 7 – Other Real Estate Owned

Other real estate owned is comprised of real estate acquired in settlement of loans and is included in other assets on the balance sheet. At December 31, 2017, other real estate owned included three properties totaling $242,000, compared to eight properties totaling $639,000 at December 31, 2016. The following summarizes the activity in the real estate acquired in settlement of loans portion of other real estate owned:

		For the year ended December 31,
(dollars in thousands)		2017					2016
Balance, beginning of year		$	639			$	2,475
Additions			289				245
Sales			(501	)			(1,615	)
Write-downs, net			(185	)			(466	)
Balance, end of year		$	242			$	639

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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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