REAL ESTATE OWNED

6 Months Ended

Jun. 30, 2015

REAL ESTATE OWNED

REAL ESTATE OWNED

4.  REAL ESTATE OWNED

Activity in real estate owned, net was as follows:

	Six Months Ended
	June 30
	2015			2014
	(in thousands)
Beginning of year	$	4,603		$	3,379
Additions	3,334			419
Sales	(4,727		)	(1,540		)
(Additions) subtractions to valuation allowance, net	385			48
End of period	$	3,595		$	2,306

Activity in the valuation allowance was as follows:

	Six Months Ended
	June 30
	2015			2014
	(in thousands)
Beginning of year	$	1,583		$	1,524
Write-downs of other real estate, net	227			10
Reduction from sale	(612		)	(58		)
End of period	$	1,198		$	1,476

Expenses related to foreclosed assets include:

	Six Months Ended
	June 30
	2015		2014
	(in thousands)
Net loss (gain) on sales reported in other income	$	59	$	(70	)
Write-downs of other real estate, net	227		10
Operating expenses (receipts), net of rental income	55		13
Repossession expenses, net	282		23
For the period	$	341	$	(47	)

	Three Months Ended
	June 30
	2015		2014
	(in thousands)
Net loss (gain) on sales reported in other income	$	20	$	(24	)
Write-downs of other real estate, net	201		10
Operating expenses (receipts), net of rental income	36		15
Repossession expenses, net	237		25
For the period	$	257	$	1