OTHER REAL ESTATE OWNED

12 Months Ended

Dec. 31, 2018

Real Estate Owned, Disclosure of Detailed Components [Abstract]

OTHER REAL ESTATE OWNED

7. OTHER REAL ESTATE OWNED

The following table summarizes the activity in other real estate owned at December 31, 2018 and December 31, 2017.

	December 31, 2018			December 31, 2017
Balance, beginning of the year	$	435,479		$	521,943
Additions - foreclosure		—			90,832
Sales		(411,842	)		(90,832	)
Write-downs		(23,637	)		(86,464	)
Balance, end of the year	$	—		$	435,479

As of December 31, 2018, there were no properties classified as OREO. One property valued at $411,842 was sold at a loss of $33,476 during 2018. As of December 31, 2017, we had one property with a balance of $435,479 classified as OREO. Another property valued at $90,832 and classified as OREO during 2017 was sold at a loss of $1,477.