Note 5 - Foreclosed Properties

3 Months Ended

Mar. 31, 2015

Disclosure Text Block [Abstract]

Real Estate Owned [Text Block]

Note 5. Foreclosed Properties

Changes in foreclosed properties for the three months ended March 31, 2015 were as follows:

(Dollars In Thousands)	Other Real Estate Owned			Valuation Allowance			Net
Balance at the beginning of the year	$	7,408		$	(422	)	$	6,986
Additions		—			—			—
Writedowns		—			—			—
Sales		(69	)		—			(69	)
Balance at the end of the period	$	7,339		$	(422	)	$	6,917

Changes in foreclosed properties for the three months ended March 31, 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		—			—			—
Writedowns		—			—			—
Sales		(1,390	)		422			(968	)
Balance at the end of the period	$	7,688		$	(513	)	$	7,175

The major classifications of other real estate owned in the consolidated balance sheets at March 31, 2015 and December 31, 2014 were as follows:

(Dollars In Thousands)	March 31, 2015		December 31, 2014
Residential lots	$	2,954	$	3,023
Residential development		423		423
Commercial lots		1,076		1,076
Commercial buildings		2,464		2,464
Total Other Real Estate Owned	$	6,917	$	6,986

There were no residential real estate loans in the process of foreclosure at March 31, 2015 or December 31, 2014.

Other real estate owned related expenses in the consolidated statements of income for the three months ended March 31, 2015 and March 31, 2014 include:

(Dollars In Thousands)	Three Months Ended March 31, 2015		Three Months Ended March 31, 2014
Net gain on sales	$	—	$	(5	)
Provision for unrealized losses		—		—
Operating expenses		30		64
Total Other Real Estate Owned	$	30	$	59