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Other Real Estate Owned
 12 Months Ended
Dec. 31, 2015
Other Real Estate Owned [Abstract]  
Other Real Estate Owned

Note 5 – Other Real Estate Owned (OREO)

At December 31, 2014, OREO was carried at $1.2 million and was comprised of one residential property. At December 31, 2015, OREO ended the year with a zero balance, after the one remaining property was sold in 2015.

Changes in the balance for OREO are as follows:

December 31, 2015   December 31, 2014
Balance at beginning of year, gross $ 2,114
  $ 3,133
Transfer from loans   -
  244
Previously recognized impairment losses on disposition   (1,129 )     (101
 ) 
Net loss on sale of property   -
    (27 ) 
Sales proceeds   (985 )     (1,135
 ) 
Balance at end of year, gross $ -
$ 2,114
     
     
Less: valuation allowance   -
    (937 ) 
Balance at end of year, net $ -
$ 1,177

Changes in the valuation allowance for OREO are as follows:


December 31, 2015      December 31, 2014
Balance at beginning of year $ 937   $ 761
Valuation allowance   192     277
Charge-offs   (1,129 )    (101
 ) 
Balance at end of year $ -   $ 937

Expenses applicable to OREO, other than the valuation allowance and net losses on sale, were $39,000 for the year ended December 31, 2015 and $59,000 for the year ended December 31, 2014.