OTHER REAL ESTATE OWNED

3 Months Ended

Mar. 31, 2014

OTHER REAL ESTATE OWNED

OTHER REAL ESTATE OWNED

NOTE 5 — OTHER REAL ESTATE OWNED

Other real estate owned is recorded in other assets on the balance sheet.  Activity in other real estate owned was as follows:

	2014			2013
Beginning Balance — January 1	$	4,120		$	6,677
Transfer to other real estate owned	665			967
Sales — out of other real estate owned	(840		)	(1,370		)
Write-down	(104		)	(446		)
Ending Balance — March 31	$	3,841		$	5,828

The value of the sale amount above is the carrying value of the property when it was sold.

Activity in the valuation account for other real estate was as follows:

	2014			2013
Beginning Balance — January 1	$	(1,328	)	$	(1,672	)
Impairments during year	(104		)	(446		)
Recovery on impairments	—			—
Reductions	—			405
Ending Balance — March 31	$	(1,432	)	$	(1,713	)

Expenses related to foreclosed assets for the period ending March 31 include:

	2014			2013
Write downs	$	104		446
Losses / (gains) on sales	(27		)	(150	)
Net loss / (gain)	$	77		296
Operating expenses	67			92