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, 2017
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 March 31,
(Dollars in Thousands) 2017 2016
Beginning Balance $ 10,638 $ 19,290
Additions 1,541 1,201
Valuation Write-downs (494) (835)
Sales (2,111) (2,206)
Other (73) -
Ending Balance $ 9,501 $ 17,450

Net expenses applicable to other real estate owned include the following:
Three Months Ended March 31,
(Dollars in Thousands) 2017 2016
Gains from the Sale of Properties $ (106) $ (129)
Losses from the Sale of Properties 102 369
Rental Income from Properties (32) -
Property Carrying Costs 125 350
Valuation Adjustments 494 835
Total $ 583 $ 1,425

As of March 31, 2017 the Company had $1.2 million of loans secured by residential real estate in the process of foreclosure.