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OTHER REAL ESTATE OWNED
12 Months Ended
Sep. 30, 2019
OTHER REAL ESTATE OWNED [Abstract].  
OTHER REAL ESTATE OWNED

NOTE H - OTHER REAL ESTATE OWNED

 

The Company held $7.5 million of real estate owned properties at September 30, 2019 and $8.6 million at September 30, 2018. The Company incurred write-downs totaling $212,000 and $418,000 on these properties for the years ended September 30, 2019 and 2018; these amounts were carried as valuation allowances at September 30, 2019 and 2018, respectively. Further declines in real estate values may result in increased foreclosed real estate expense in the future. Routine holding costs are charged to expense as incurred and improvements to real estate owned that enhance the value of the real estate are capitalized.