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, 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 September 30, Nine Months Ended September 30,
(Dollars in Thousands) 2019 2018 2019 2018
Beginning Balance $ 1,010 $ 3,373 $ 2,229 $ 3,941
Additions 104 420 792 1,260
Valuation Write-downs (35) (224) (266) (856)
Sales (553) (849) (2,229) (1,625)
Ending Balance $ 526 $ 2,720 $ 526 $ 2,720

Net expenses applicable to other real estate owned include the following:
Three Months Ended September 30, Nine Months Ended September 30,
(Dollars in Thousands) 2019 2018 2019 2018
Gains from the Sale of Properties $ (148) $ (46) $ (240) $ (127)
Losses from the Sale of Properties 73 70 139 212
Rental Income from Properties - (3) (3) (9)
Property Carrying Costs 46 102 282 289
Valuation Adjustments 35 224 266 856
Total $ 6 $ 347 $ 444 $ 1,221

At September 30, 2019, the Company had $0.8 million of loans secured by residential real estate in the process of foreclosure.