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, 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 June 30, Six Months Ended June 30,
(Dollars in Thousands) 2017 2016 2017 2016
Beginning Balance $ 9,501 $ 17,450 $ 10,638 $ 19,290
Additions 144 1,218 1,685 2,419
Valuation Write-downs (275) (678) (769) (1,513)
Sales (1,209) (3,368) (3,320) (5,574)
Other (193) - (266) -
Ending Balance $ 7,968 $ 14,622 $ 7,968 $ 14,622

Net expenses applicable to other real estate owned include the following:
Three Months Ended June 30, Six Months Ended June 30,
(Dollars in Thousands) 2017 2016 2017 2016
Gains from the Sale of Properties $ (162) $ (166) $ (268) $ (294)
Losses from the Sale of Properties 93 392 195 761
Rental Income from Properties (22) (32) (54) (32)
Property Carrying Costs 131 188 257 537
Valuation Adjustments 275 678 768 1,513
Total $ 315 $ 1,060 $ 898 $ 2,485

As of June 30, 2017, the Company had $0.7 million of loans secured by residential real estate in the process of foreclosure.