Foreclosed Assets

12 Months Ended

Dec. 31, 2015

NOTE 5 – FORECLOSED ASSETS

Foreclosed assets at year-end were as follows:


	2015		2014
Commercial real estate	$	1,636	$	1,636
Valuation Allowance		-		-
Total	$	1,636	$	1,636

There was no activity in the valuation allowance account or any write-downs during the years ended December 31, 2015 and 2014.

Expenses related to foreclosed assets include:


	2015		2014
Net loss (gain) on sales	$	-	$	-
Provision for unrealized losses		-		-
Operating expenses, net of rental income		137		328
	$	137	$	328

Foreclosed assets at December 31, 2015 and December 31, 2014 consisted of one multi-family property that was transferred into REO at fair value at the time of transfer in 2013. Foreclosed asset expenses incurred during 2015 and 2014 related to light rehabilitation and maintenance expense incurred to increase occupancy levels, and certain other operating costs.