OTHER REAL ESTATE HELD FOR SALE

12 Months Ended

Dec. 31, 2016

NOTE 6 — OTHER REAL ESTATE HELD FOR SALE

An analysis of other real estate held for sale for the years ended December 31 is as follows (dollars in thousands):


	2016		2015

Balance, January 1	$	2,324	$	3,010
Other real estate transferred from loans due to foreclosure		3,292		1,376
Other real estate acquired		1,205		-
Proceeds from other real estate sold		(1,640)		(1,702)
Transfer to premise and equipment		(197)		-
Writedowns of other real estate held for sale		(212)		(295)
Gain (loss) on sale of other real estate held for sale		10		(65)

Total other real estate held for sale	$	4,782	$	2,324

Foreclosed residential real estate property of $2.094 million is included in other real estate as of December 31, 2016. The recorded investment in consumer mortgage loans secured by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdictions was $.195 million as of December 31, 2016.

- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

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