FORECLOSED REAL ESTATE

3 Months Ended

Mar. 31, 2015

Foreclosed Real Estate Disclosure [Text Block]

N OTE 6 – FORECLOSED REAL ESTATE

Changes in foreclosed real estate during the three months ended March 31, 2015 and March 31, 2014 are as follows:

	For the Three Months Ended March 31,
(In thousands)	2015		2014
Beginning balance	$	335	$	1,846
Additions		-		338
Proceeds from dispositions		(236)		(978)
Gain (loss) on sales		1		(65)
Writedowns		-		(27)
Balance at end of period	$	100	$	1,114

At March 31, 2015, the Bank held three properties consisting of two single family residences and one unimproved parcel zoned as residential. At March 31, 2015 and at December 31, 2014, the Bank had $4.8 million and $3.2 million in loans in process of foreclosure, respectively.

The Company records the gain (loss) on sale of foreclosed real estate in the expenses on foreclosed properties, net category along with expenses for acquiring and maintaining foreclosed real estate properties.