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Foreclosed Assets | 12 Months Ended
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Dec. 31, 2014
Forclosed Assets [Abstract] |
Foreclosed Assets | NOTE 5 – FORECLOSED ASSETS Foreclosed assets at year-end were as follows:
| 2014 |  | 2013 |  | 2012
Commercial | $ | - |  | $ | - |  | $ | -
Commercial real estate |  | 1,636 |  |  | 1,636 |  |  | 1,525
Subtotal |  | 1,636 |  |  | 1,636 |  |  | 1,525
Valuation Allowance |  | - |  |  | - |  |  | -
Total | $ | 1,636 |  | $ | 1,636 |  | $ | 1,525
Activity in the valuation allowance was as follows:
| 2014 |  | 2013 |  | 2012
Beginning of the year | $ | - |  | $ | - |  | $ | 1,139
Additions charged to expense |  | - |  |  | - |  |  | 962
Direct write downs |  | - |  |  | - |  |  | (2,101)
End of year | $ | - |  | $ | - |  | $ | -
Expenses related to foreclosed assets include:
| 2014 |  | 2013 |  | 2012
Net loss (gain) on sales | $ | - |  | $ | (28) |  | $ | (338)
Provision for unrealized losses |  | - |  |  | - |  |  | 962
Operating expenses, net of rental income |  | 328 |  |  | 73 |  |  | 28
| $ | 328 |  | $ | 45 |  | $ | 652
Foreclosed assets at December 31, 201 4 and December 31, 2013 was related to one multi-family property. During December 2013, there were additional units related to the one multi-family transferred into REO at fair value which was lower than the principal balance outstanding at the time of transfer. This transfer and adjustment to fair value establishes a new cost basis. Foreclosed asset expense increased during 2014 related to light rehabilitation and maintenance expenses incurred to increased occupancy levels, and certain increased operating costs.

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