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OTHER REAL ESTATE OWNED
 3 Months Ended
Mar. 31, 2016
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:

 

 

 

 

 

 

 

 

 

 

 

Three months ended  March 31,

 

 

    

2016

    

2015

 

Beginning Balance

 

$
1,959

 

$
2,688

 

Transfer to other real estate owned

 

 
537

 

 
156

 

Sale — Out of other real estate owned

 

 
(586)

 

 
(643)

 

Write-down

 

 
(19)

 

 

 —

 

Ending Balance

 

$
1,891

 

$
2,201

 

 

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:

 

 

 

 

 

 

 

 

 

 

 

Three months ended  March 31,

 

 

    

2016

    

2015

 

Beginning Balance —  January 1

 

$
(217)

 

$
(448)

 

Impairments during year

 

 
(19)

 

 

 —

 

Recovery on impairments

 

 

 —

 

 

 —

 

Reductions

 

 

 —

 

 
163

 

Ending Balance — March 31

 

$
(236)

 

$
(285)

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Three months ended  March 31,

 

 

    

2016

    

2015

 

Write-downs

 

$
19

 

$

 —

 

Losses/(gains)on sales

 

 
(168)

 

 
11

 

Net loss/(gain)

 

$
(149)

 

$
11

 

Operating expenses

 

$
5

 

$
36

 

 

 

Foreclosed residential real estate properties included in other real estate and repossessed assets on the Consolidated Balance Sheets totaled $946 and $915 at March 31, 2016 and December 31, 2015, respectively. Retail mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements totaled $2,114 and $2,407 at March 31, 2016 and December 31, 2015, respectively.