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, 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 September 30, Nine Months Ended September 30,
(Dollars in Thousands) 2017 2016 2017 2016
Beginning Balance $ 7,968 $ 14,622 $ 10,638 $ 19,290
Additions 339 890 2,024 3,309
Valuation Write-downs (350) (397) (1,118) (1,910)
Sales (1,970) (2,377) (5,291) (7,951)
Other - - (266) -
Ending Balance $ 5,987 $ 12,738 $ 5,987 $ 12,738

Net expenses applicable to other real estate owned include the following:
Three Months Ended September 30, Nine Months Ended September 30,
(Dollars in Thousands) 2017 2016 2017 2016
Gains from the Sale of Properties $ (711) $ (70) $ (980) $ (364)
Losses from the Sale of Properties 123 216 318 977
Rental Income from Properties (19) (34) (73) (66)
Property Carrying Costs 139 312 397 849
Valuation Adjustments 350 397 1,118 1,910
Total $ (118) $ 821 $ 780 $ 3,306

As of September 30, 2017, the Company had $0.8 million of loans secured by residential real estate in the process of foreclosure.