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, 2018
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) 2018 2017
Beginning Balance $ 3,941 $ 10,638
Additions 307 1,541
Valuation Write-downs (494) (494)
Sales (424) (2,111)
Other - (73)
Ending Balance $ 3,330 $ 9,501

Net expenses applicable to other real estate owned include the following:
Three Months Ended March 31,
(Dollars in Thousands) 2018 2017
Gains from the Sale of Properties $ (28) $ (106)
Losses from the Sale of Properties 88 102
Rental Income from Properties (3) (32)
Property Carrying Costs 75 125
Valuation Adjustments 494 494
Total $ 626 $ 583

As of March 31, 2018, the Company had $1.8 million of loans secured by residential real estate in the process of foreclosure.