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, 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 June 30, Six Months Ended June 30,
(Dollars in Thousands) 2018 2017 2018 2017
Beginning Balance $ 3,330 $ 9,501 $ 3,941 $ 10,638
Additions 533 144 840 1,685
Valuation Write-downs (138) (275) (632) (769)
Sales (352) (1,209) (776) (3,320)
Other - (193) - (266)
Ending Balance $ 3,373 $ 7,968 $ 3,373 $ 7,968

Net expenses applicable to other real estate owned include the following:
Three Months Ended June 30, Six Months Ended June 30,
(Dollars in Thousands) 2018 2017 2018 2017
Gains from the Sale of Properties $ (53) $ (162) $ (81) $ (268)
Losses from the Sale of Properties 54 93 142 195
Rental Income from Properties (3) (22) (6) (54)
Property Carrying Costs 112 131 187 257
Valuation Adjustments 138 275 632 768
Total $ 248 $ 315 $ 874 $ 898

As of June 30, 2018, the Company had $1.5 million of loans secured by residential real estate in the process of foreclosure.