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REAL ESTATE OWNED
 12 Months Ended
Mar. 31, 2018
Real Estate Owned, Disclosure of Detailed Components [Abstract]  
REAL ESTATE OWNED
8.
REAL ESTATE OWNED
 
The following table is a summary of the activity in REO for the periods indicated (in thousands):
 
   
Year Ended March 31,
  
   
2018
    
2017
    
2016
  
Balance at beginning of year, net
  
$
298
    
$
595
    
$
1,603
  
Additions
    
-
      
-
      
298
  
Dispositions
    
-
      
(267
)
    
(937
)
Writedowns
    
-
      
(30
)
    
(369
)
Balance at end of year, net
  
$
298
    
$
298
    
$
595
  
 
 
REO expenses for the year ended March 31, 2018 consisted of operating expenses of $12,000. During the year ended March 31, 2018, the Company sold three land development lots that were carried at a zero cost basis for an aggregate gain on sale of $81,000, which is included in other non-interest income in the accompanying consolidated statements of income. REO expenses for the year ended March 31, 2017 consisted of write-downs on existing REO properties of $30,000 and operating expenses of $24,000. Net losses on dispositions of REO totaled $5,000 for the year ended March 31, 2017, and are included in other non-interest income in the accompanying consolidated statements of income. REO expenses for the year ended March 31, 2016 consisted of write-downs on existing REO properties of $369,000, operating expenses of $198,000 and net losses on dispositions of REO of $187,000.
 
At March 31, 2018, the carrying amount of foreclosed residential real estate properties held in REO as a result of obtaining physical possession was $298,000. At March 31, 2018, there was one property for which formal foreclosure proceedings were in process with a carrying amount of $51,000.