OTHER REAL ESTATE OWNED

9 Months Ended

Sep. 30, 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:

	Nine months ended		Year ended
	September 30,		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	9,266	5,867	7,422
Reductions in foreclosed properties
Sales including realized gains and losses, net	(10,582)	(12,422)	(20,649)
Writedowns for unrealized losses	(2,052)	(3,733)	(5,998)
Balance at end of period	$        11,391	$     23,696	$           14,759

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

		September 30,		December 31,
		2016	2015	2015
	(In thousands)
Commercial and industrial		$                  -	$             84	$               84
Real estate
Consumer mortgages		1,956	2,606	2,477
Home equity		39	101	101
Agricultural		25	25	25
Commercial and industrial-owner occupied		1,921	1,306	1,074
Construction, acquisition and development		6,085	18,730	10,212
Commercial real estate		1,183	746	678
All other		182	98	108
Total		$        11,391	$      23,696	$        14,759

The Company incurred total foreclosed property expenses of approximately $859,000 and $808,000 for the three months ended September 30, 2016 and 2015, respectively.  Realized net losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were approximately $525,000 and $321,000 for the three months ended September 30, 2016 and 2015, respectively.   The Company incurred total foreclosed property expenses of $3.3 million and $4.4 million for the nine months ended September 30, 2016 and 2015, respectively.  Realized net losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were $2.3 million and $3.0 million for the nine months ended September 30, 2016 and 2015, respectively.