Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

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OTHER REAL ESTATE OWNED
 6 Months Ended
Jun. 30, 2016
Other Real Estate [Abstract]  
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 June 30, Six Months Ended June 30,
(Dollars in Thousands) 2016 2015 2016 2015
Beginning Balance $ 17,450 $ 33,835 $ 19,290 $ 35,680
Additions 1,218 1,088 2,419 2,830
Valuation Write-downs (678) (505) (1,513) (1,306)
Sales (3,368) (4,026) (5,574) (6,763)
Other - (225) - (274)
Ending Balance $ 14,622 $ 30,167 $ 14,622 $ 30,167

Net expenses applicable to other real estate owned include the following:
Three Months Ended June 30, Six Months Ended June 30,
(Dollars in Thousands) 2016 2015 2016 2015
Gains from the Sale of Properties $ (166) $ (534) $ (294) $ (655)
Losses from the Sale of Properties 392 348 761 658
Rental Income from Properties (32) (43) (32) (231)
Property Carrying Costs 188 655 537 1,350
Valuation Adjustments 678 505 1,513 1,306
Total $ 1,060 $ 931 $ 2,485 $ 2,428

As of June 30, 2016 the Company had $1.9 million of loans secured by residential real estate in the process of foreclosure.