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Note 7 - Other Real Estate Owned
 6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Real Estate Owned [Text Block]
7.
OTHER REAL ESTATE OWNED
 
Other real estate and certain other assets acquired in foreclosure are reported at the lower of the investment in the loan or the fair value of the property, less estimated costs to sell. The following table summarizes foreclosed property activity as of the
six months ended June 30, 2016 and 2015:
 
   
June 30
, 201
6
  
   
FUSB
    
ALC
    
Total
  
   
(Dollars in Thousands)
  
Beginning balance
   $ 5,327     $ 711     $ 6,038  
Transfers from loans and fixed assets
     269       68       337  
Sales proceeds
     (629
)
     (251
)
     (880
)
Gross gains
    
—
       27       27  
Gross losses
     (23
)
     (71
)
     (94
)
Net gains (losses)
     (23
)
     (44
)
     (67
)
Impairment
    
—
 
     (23
)
     (23
)
Ending balance
   $ 4,944     $ 461     $ 5,405  
 
   
June 30
, 201
5
  
   
FUSB
    
ALC
    
Total
  
   
(Dollars in Thousands)
  
Beginning balance
   $ 6,997     $ 738     $ 7,735  
Transfers from loans
     996       118       1,114  
Sales proceeds
     (1,274
)
     (96
)
     (1,370
)
Gross gains
     4       —       4  
Gross losses
     (190
)
     (60
)
     (250
)
Net gains (losses)
     (186
)
     (60
)
     (246
)
Impairment
     (24 )     (41
)
     (65
)
Ending balance
   $ 6,509     $ 659     $ 7,168  
 
Valuation adjustments are recorded in other non-interest expense and are primarily post-foreclosure write-downs that are a result of continued declining property values based on updated appraisals or other indications of value, such as offers to purchase.
Fair value less estimated cost to sell of foreclosed residential real estate held by the Company was $1.0 million and $1.1 million as of June 30, 2016 and 2015, respectively. In addition, the Company held $0.2 million in consumer mortgage loans collateralized by residential real estate that were in the process of foreclosure as of both June 30, 2016 and December 31, 2015.