Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v3.19.2
OTHER REAL ESTATE OWNED
 6 Months Ended
Jun. 30, 2019
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) 2019 2018 2019 2018
Beginning Balance $ 1,902 $ 3,330 $ 2,229 $ 3,941
Additions 161 533 688 840
Valuation Write-downs (41) (138) (231) (632)
Sales (1,012) (352) (1,676) (776)
Ending Balance $ 1,010 $ 3,373 $ 1,010 $ 3,373

Net expenses applicable to other real estate owned include the following:
Three Months Ended June 30, Six Months Ended June 30,
(Dollars in Thousands) 2019 2018 2019 2018
Gains from the Sale of Properties $ (80) $ (53) $ (92) $ (81)
Losses from the Sale of Properties 29 54 65 142
Rental Income from Properties (1) (3) (4) (6)
Property Carrying Costs 86 112 237 187
Valuation Adjustments 41 138 232 632
Total $ 75 $ 248 $ 438 $ 874

At June 30, 2019, the Company had $1.0 million of loans secured by residential real estate in the process of foreclosure.