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, 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 September 30, Nine Months Ended September 30,
(Dollars in Thousands) 2018 2017 2018 2017
Beginning Balance $ 3,373 $ 7,968 $ 3,941 $ 10,638
Additions 420 339 1,260 2,024
Valuation Write-downs (224) (350) (856) (1,118)
Sales (849) (1,970) (1,625) (5,291)
Other - - - (266)
Ending Balance $ 2,720 $ 5,987 $ 2,720 $ 5,987

Net expenses applicable to other real estate owned include the following:
Three Months Ended September 30, Nine Months Ended September 30,
(Dollars in Thousands) 2018 2017 2018 2017
Gains from the Sale of Properties $ (46) $ (711) $ (127) $ (980)
Losses from the Sale of Properties 70 123 212 318
Rental Income from Properties (3) (19) (9) (73)
Property Carrying Costs 102 139 289 397
Valuation Adjustments 224 350 856 1,118
Total $ 347 $ (118) $ 1,221 $ 780

As of September 30, 2018, the Company had $0.7 million of loans secured by residential real estate in the process of foreclosure.