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Other Real Estate Owned
 12 Months Ended
Dec. 31, 2017
Other Real Estate Owned [Abstract]  
Other Real Estate Owned



Note 6 - Other real estate owned

At December 31, 2017 and 2016, OREO was $2,650 and $2,370 respectively. OREO is primarily comprised of residential properties and non-residential properties associated with commercial relationships. As of December 31, 2017 and 2016 respectively, there was $0 and $264 of consumer mortgage loans secured by residential real estate that were in the process of foreclosure.  The following table represents the changes in OREO balance in 2017 and 2016.



 

 

OREO Changes



Year Ended December 31,



2017

2016

Balance at the beginning of the year

 $2,370  $1,965 

Transfers from Loans

 815  470 

Capitalized costs

 40 

-

Valuation adjustments

 (60) (45)

Sales

 (514) (21)

Gain (loss) on sales

 (1) 1 

Balance at the end of the year

 $2,650  $2,370 



There were three residential properties being carried in OREO at a value of $520 as of December 31, 2017.  There was one residential property being carried in OREO at a value of $65 as of December 31, 2016.







Note 6 - Other real estate owned (continued)

The following table sets forth the OREO expenses in 2017 and 2016.





 

 

 

OREO Expense



Year Ended December 31,



2017

 

2016

(Gain) loss on sales

 $1 

 

 $(1)

Valuation adjustments

 60 

 

 45 

Expenses

 27 

 

 24 

Total

 $88 

 

 $68