Note 6 - Other Real Estate Owned

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Real Estate Owned [Text Block]

NOTE 6. OTHER REAL ESTATE OWNED

At June 30, 2016, and December 31, 2015, the recorded investment in OREO was $765 thousand and $1.4 million, respectively. During the six months ended June 30, 2016, we transferred one foreclosed property in the amount of $81 thousand to OREO and we sold eight properties with a balance of $664 thousand for a net loss of $149 thousand. During the six months ended June 30, 2016, we recognized a write-down in OREO for three properties totaling $76 thousand. The June 30, 2016 OREO balance consists of one 1-4 family residential real estate property in the amount of $81 thousand, two nonfarm nonresidential properties in the amount of $558 thousand and one undeveloped commercial property in the amount of $126 thousand. The recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure is $1.5 million.