Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v3.4.0.3
OTHER REAL ESTATE OWNED
 3 Months Ended
Mar. 31, 2016
DisclosureOtherRealEstateOwnedAbstract  
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)   2016   2015
Beginning Balance   $ 19,290     $ 35,680  
Additions     1,201       1,742  
Valuation Write-downs     (835 )     (801 )
Sales     (2,206 )     (2,737 )
Other     —         (49 )
Ending Balance   $ 17,450     $ 33,835  

 

Net expenses applicable to other real estate owned include the following:

 

    Three Months Ended March 31,
(Dollars in Thousands)   2016   2015
Gains from the Sale of Properties   $ (129 )   $ (121 )
Losses from the Sale of Properties     369       310  
Rental Income from Properties     —         (188 )
Property Carrying Costs     350       695  
Valuation Adjustments     835       801  
Total   $ 1,425     $ 1,497  

 

As of March 31, 2016, the Company had $2.9 million of loans secured by residential real estate in the process of foreclosure.