Foreclosed Asset

3 Months Ended

Mar. 31, 2019

Banking and Thrift [Abstract]

Foreclosed Asset

(5) FORECLOSED ASSETS

The Company’s foreclosed assets have been acquired through customer loan defaults. The property is recorded at the lower of cost or fair value less estimated cost to sell and carrying cost at the date acquired. Any difference between the book value and estimated market value is recognized as a charge off through the allowance for loan loss account. Additional losses on foreclosed assets may be determined on individual properties at specific intervals or at the time of disposal. In general, the Company will obtain a new appraisal on all foreclosed assets with a book balance in excess of $250,000 on an annual basis. Additional losses are recognized as a non-interest expense.

For the three-month period ended March 31, 2019, the Company’s activity in foreclosed property included the following:

			Activity During 2019
	Balance							Reduction			Gain (Loss)		Balance
	1/01/2019		Foreclosure		Sales			in Values			on Sale		3/31/2019
	(Dollars in Thousands)
One-to-four family mortgages	$	256		—		(135	)		(37	)		20	$	104
Non-residential real estate		142		—		—			—			—		142
Land		3,200		—		—			—			—		3,200
Total	$	3,598		—		(135	)		(37	)		20	$	3,446