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OTHER REAL ESTATE OWNED
 12 Months Ended
Dec. 31, 2019
OTHER REAL ESTATE OWNED  
OTHER REAL ESTATE OWNED

NOTE F– OTHER REAL ESTATE OWNED

The following table explains changes in other real estate owned (“OREO”) during the years ended December 31, 2019 and 2018 (dollars in thousands):

 

 

 

 

 

 

 

 

 

    

December 31, 

    

December 31, 

 

 

2019

 

2018

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

Beginning balance January 1

 

$

1,088

 

$

1,258

Sales

 

 

(120)

 

 

(717)

Write-downs and loss on sales

 

 

(49)

 

 

(71)

Transfers

 

 

2,614

 

 

618

Ending balance

 

$

3,533

 

$

1,088

 

At December 31, 2019 and December 31, 2018, the Company had $3.5 million and $1.1 million, respectively, of foreclosed residential real estate property in OREO. The Company had 3 loans with recorded investment in the amount of $114,000 in consumer mortgage loans collateralized by residential real estate property in the process of foreclosure at December 31, 2019 compared to 4 loans with recorded investment in the amount of $500,000 in consumer mortgage loans collateralized by residential real estate property in the process of foreclosure at December 31, 2018.