OTHER REAL ESTATE OWNED

3 Months Ended

Mar. 31, 2016

OTHER REAL ESTATE OWNED [Abstract]

OTHER REAL ESTATE OWNED

NOTE 4 – OTHER REAL ESTATE OWNED

The following table presents the activity in other real estate owned (“OREO”) for the periods indicated:

	Three months ended		Year ended
	March 31,		December 31,
	2016	2015	2015
	(In thousands)
Balance at beginning of period	$        14,759	$     33,984	$           33,984
Additions to foreclosed properties
New foreclosed properties	1,359	2,804	7,422
Reductions in foreclosed properties
Sales	(2,837)	(6,726)	(20,649)
Writedowns	(596)	(2,173)	(5,998)
Balance at end of period	$        12,685	$     27,889	$           14,759

The following tables present the OREO by segment and class as of the dates indicated:

		March 31,		December 31,
		2016	2015	2015
	(In thousands)
Commercial and industrial		$               74	$             84	$               84
Real estate
Consumer mortgages		1,697	1,699	2,477
Home equity		594	101	101
Agricultural		25	25	25
Commercial and industrial-owner occupied		1,051	1,990	1,074
Construction, acquisition and development		8,546	22,805	10,212
Commercial real estate		466	1,000	678
All other		232	185	108
Total		$        12,685	$      27,889	$        14,759

The Company incurred total foreclosed property expenses of $1.2 million and $2.0 million for the three months ended March 31, 2016 and 2015, respectively.  Realized net gains/losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were approximately $843,000 and $1.4 million for the three months ended March 31, 2016 and 2015, respectively.