Note 5 - Foreclosed Properties

6 Months Ended

Jun. 30, 2014

Valuation Allowance On Foreclosed Properties [Abstract]

Valuation Allowance On Foreclosed Properties [Text Block]

Note 5. Foreclosed Properties

Changes in foreclosed properties for the six months ended June 30, 2014 were as follows:

(Dollars In Thousands)	Other Real Estate Owned			Valuation Allowance			Net
Balance at the beginning of the year	$	9,078		$	(935	)	$	8,143
Additions		220			−			220
Writedowns		−			−			−
Sales		(1,391	)		422			(969	)
Balance at the end of the period	$	7,907		$	(513	)	$	7,394

Changes in foreclosed properties for the six months ended June 30, 2013 were as follows:

(Dollars In Thousands)	Other Real Estate Owned			Valuation Allowance			Net
Balance at the beginning of the year	$	9,513		$	(575	)	$	8,938
Additions		1,613			−			1,613
Writedowns		−			(351	)		(351	)
Sales		(1,983	)		223			(1,760	)
Balance at the end of the period	$	9,143		$	(703	)	$	8,440

The major classifications of other real estate owned in the consolidated balance sheets at June 30, 2014 and December 31, 2013 were as follows:

(Dollars In Thousands)	June 30, 2014		December 31, 2013
Residential commercial	$	220	$	−
Residential lots		3,031		3,472
Residential development		423		−
Commercial lots		1,075		1,076
Commercial buildings		2,645		3,595
Total Other Real Estate Owned	$	7,394	$	8,143