Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

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OTHER REAL ESTATE OWNED
 3 Months Ended
Mar. 31, 2015
DisclosureOtherRealEstateOwnedAbstract  
Other Real Estate Owned

NOTE 4 – OTHER REAL ESTATE OWNED

 

The following table presents other real estate owned activity for the periods indicated.

 

    Three Months Ended March 31,  
(Dollars in Thousands)   2015     2014  
Beginning Balance   $ 35,680     $ 48,071  
Additions     1,742       1,290  
Valuation Write-downs     (801 )     (730 )
Sales     (2,737 )     (4,595 )
Other     (49 )     —  
Ending Balance   $ 33,835     $ 44,036  
                 

Net expenses applicable to other real estate owned include the following:

 

    Three Months Ended March 31,  
(Dollars in Thousands)   2015     2014  
Gains from the Sale of Properties   $ (121 )   $ (246 )
Losses from the Sale of Properties     310       356  
Rental Income from Properties     (188 )     (213 )
Property Carrying Costs     695       772  
Valuation Adjustments     801       730  
Total   $ 1,497     $ 1,399  

 

As of March 31, 2015, the Company had $3.1 million of loans secured by residential real estate in the process of foreclosure.