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Note 7 - Other Real Estate Owned
12 Months Ended
Dec. 31, 2015
Disclosure Text Block [Abstract]  
Real Estate Owned [Text Block]

7. OTHER REAL ESTATE OWNED


The following table reflects changes in other real estate owned (“OREO”) during the years ended December 31, 2015 and 2014.


   

Balance

                   

Fair Value

   

Balance

 
   

12/31/2014

   

Additions

   

Sales, net

   

Adjustments

   

12/31/2015

 
   

(In thousands)

 

Other Real Estate Owned

  $ 7,756     $ 991     $ (2,427 )   $ (195 )   $ 6,125  

   

Balance

                   

Fair Value

   

Balance

 
   

12/31/2013

   

Additions

   

Sales, net

   

Adjustments

   

12/31/2014

 
   

(In thousands)

 

Other Real Estate Owned

  $ 9,354     $ 1,566     $ (2,960 )   $ (204 )   $ 7,756  

Fair value adjustments are recorded in order to adjust the carrying values of OREO to estimated fair market values. In most cases, estimated fair market values are derived from an initial appraisal, an updated appraisal or other forms of internal evaluations. In certain instances when a listing agreement is renewed for a lesser amount, carrying values will be adjusted to the lesser fair value amount. Additionally, in certain instances when an offer to purchase is received near the end of a quarterly accounting period for less than the carrying value, and the sale does not close until the next accounting period, the carrying value will adjust to the lesser fair value offer amount. At December 31, 2015, OREO consisted of residential and commercial properties, developed lots and raw land.