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OTHER REAL ESTATE
 12 Months Ended
Dec. 31, 2020
OTHER REAL ESTATE [Abstract]  
OTHER REAL ESTATE
NOTE 5 – OTHER REAL ESTATE


A summary of other real estate activity for the years ended December 31 follows (1):

  
2020
    
2019
    
2018
  
   
(In thousands)
  
Balance at beginning of year, net of valuation allowance
  
$
1,715
    
$
1,178
    
$
1,628
  
Loans transferred to other real estate
    
332
      
2,242
      
1,510
  
Sales of other real estate
    
(1,161
)
    
(1,438
)
    
(1,822
)
Additions to valuation allowance charged to expense
    
(148
)
    
(267
)
    
(138
)
Balance at end of year, net of valuation allowance
  
$
738
    
$
1,715
    
$
1,178
  

(1)
Table excludes other repossessed assets totaling $0.03 million and $0.15 million at December 31, 2020 and 2019, respectively.


We periodically review our real estate properties and establish valuation allowances on these properties if values have declined since the date of acquisition. An analysis of our valuation allowance for other real estate follows:

  
2020
    
2019
    
2018
  
   
(In thousands)
  
Balance at beginning of year
  
$
92
    
$
144
    
$
123
  
Additions charged to expense
    
148
      
267
      
138
  
Direct write-downs upon sale
    
(150
)
    
(319
)
    
(117
)
Balance at end of year
  
$
90
    
$
92
    
$
144
  


At December 31, 2020 and 2019, the balance of other real estate includes $0.7 million and $1.2 million, respectively of foreclosed residential real estate properties. Retail mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements totaled $0.3 million and $0.7 million at December 31, 2020 and 2019, respectively.



Other real estate and repossessed assets totaling $0.8 million and $1.9 million at December 31, 2020 and 2019, respectively, are presented net of the valuation allowance on the Consolidated Statements of Financial Condition.