Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v3.19.1
OTHER REAL ESTATE OWNED
3 Months Ended
Mar. 31, 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 March 31,
(Dollars in Thousands) 2019 2018
Beginning Balance $ 2,229 $ 3,941
Additions 527 307
Valuation Write-downs (190) (494)
Sales (664) (424)
Ending Balance $ 1,902 $ 3,330

Net expenses applicable to other real estate owned include the following:
Three Months Ended March 31,
(Dollars in Thousands) 2019 2018
Gains from the Sale of Properties $ (12) $ (28)
Losses from the Sale of Properties 37 88
Rental Income from Properties (3) (3)
Property Carrying Costs 151 75
Valuation Adjustments 190 494
Total $ 363 $ 626

As of March 31, 2019, the Company had $0.9 million of loans secured by residential real estate in the process of foreclosure.