Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

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OTHER REAL ESTATE OWNED
 9 Months Ended
Sep. 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 September 30, Nine Months Ended September 30,
(Dollars in Thousands) 2016 2015 2016 2015
Beginning Balance $ 14,622 $ 30,167 $ 19,290 $ 35,680
Additions 890 1,242 3,309 4,072
Valuation Write-downs (397) (269) (1,910) (1,575)
Sales (2,377) (5,921) (7,951) (12,684)
Other - - - (274)
Ending Balance $ 12,738 $ 25,219 $ 12,738 $ 25,219

Net expenses applicable to other real estate owned include the following:
Three Months Ended September 30, Nine Months Ended September 30,
(Dollars in Thousands) 2016 2015 2016 2015
Gains from the Sale of Properties $ (70) $ (31) $ (364) $ (686)
Losses from the Sale of Properties 216 591 977 1,249
Rental Income from Properties (34) (13) (66) (244)
Property Carrying Costs 312 486 849 1,836
Valuation Adjustments 397 269 1,910 1,575
Total $ 821 $ 1,302 $ 3,306 $ 3,730

As of September 30, 2016 the Company had $1.6 million of loans secured by residential real estate in the process of foreclosure.