OTHER REAL ESTATE OWNED

6 Months Ended

Jun. 30, 2017

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:

	Six months ended		Year ended
	June 30,		December 31,
	2017	2016	2016
	(In thousands)
Balance at beginning of period	$          7,810	$     14,759	$           14,759
Additions to foreclosed properties
New foreclosed properties	4,155	7,874	9,752
Reductions in foreclosed properties
Sales including realized gains and losses, net	(3,371)	(6,505)	(14,183)
Writedowns for unrealized losses	(890)	(1,470)	(2,518)
Balance at end of period	$          7,704	$     14,658	$             7,810

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

		June 30,		December 31,
		2017	2016	2016
	(In thousands)
Commercial and industrial		$                  -	$             74	$                 -
Real estate
Consumer mortgages		2,238	2,109	857
Home equity		39	654	39
Agricultural		22	25	22
Commercial and industrial-owner occupied		2,539	1,272	1,958
Construction, acquisition and development		2,668	8,051	3,746
Commercial real estate		166	2,312	1,128
All other		32	161	60
Total		$          7,704	$      14,658	$          7,810

The Company incurred total foreclosed property expenses of approximately $ 960,000 and $1.3 million for the three months ended June 30, 2017 and 2016, respectively.  Realized net losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were approximately $330,000 and $887,000 for the three months ended June 30, 2017 and 2016, respectively.   The Company incurred total foreclosed property expenses of approximately $2.0 million and $2.5 million for the six months ended June 30, 2017 and 2016, respectively.  Realized net losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were approximately $962,000 and $1.7 million for the six months ended June 30, 2017 and 2016, respectively.