XML 28 R15.htm IDEA: XBRL DOCUMENT v3.3.1.900
Note 7 - Foreclosed Real Estate
 12 Months Ended
Dec. 31, 2015
Real Estate [Abstract]  
Real Estate Disclosure [Text Block]
(7) FORECLOSED REAL ESTATE

At December 31, 2015 and 2014, the Bank had foreclosed real estate held for sale of $4.9 million and $78,000, respectively. During the years ended December 31, 2015 and 2014, foreclosure losses in the amount of $1.2 million and $187,000, respectively, were charged off to the allowance for loan losses. Losses on subsequent write-downs of foreclosed real estate were $100,000 for 2015. There were no losses on subsequent write-downs of foreclosed real estate for 2014. Net realized losses from the sale of foreclosed real estate amounted to $15,000 for 2015 and net realized gains from the sale of foreclosed real estate amounted to $39,000 for 2014. The net gain or loss on foreclosed real estate is reported in other noninterest expense. Net expenses of holding foreclosed real estate are included in other noninterest expenses and amounted to $50,000 and $19,000 in 2015 and 2014, respectively. Realized gains from the sale of foreclosed real estate are deferred when the sales are financed by the Bank and do not qualify for recognition under U.S. GAAP. There were no realized gains from the sale of foreclosed real estate deferred for 2015 or 2014. At December 31, 2015 and 2014, deferred gains on the sale of foreclosed real estate financed by the Bank amounted to $10,000 and $16,000, respectively.


At December 31, 2015, the recorded investment in consumer mortgage loans collateralized by residential real estate property in the process of foreclosure was $313,000.