Note 5 - Other Real Estate Owned ("OREO")

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Other Real Estate Owned (OREO) [Text Block]

5. OTHER REAL ESTATE OWNED (“OREO”)

OREO comprises foreclosed assets acquired in settlement of loans and is carried at fair value less estimated cost to sell and is included in other real estate owned on the Consolidated Balance Sheet. As of

December

31,

2016

and

December

31,

2015,

there were

$934,000

and

$1,412,000,

respectively, of OREO. As of

December

31,

2016,

the Company has initiated formal foreclosure proceedings on

$1.0

million of real estate.