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

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Real Estate Owned [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, 2017

and

December 31, 2016,

there were

$212,000

and

$934,000,

respectively, of OREO. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction totaled

$1.5

million at

December 31, 2017.