FORECLOSED ASSETS

12 Months Ended

Dec. 31, 2014

NOTE 4 – FORECLOSED ASSETS

Foreclosed asset activity for the year ended December 31:

	2014		2013
Beginning of year	$	2,558,299	$	2,806,781
Additions		550,859		654,801
Reductions from sales		(749,971)		(706,633)
Direct write-downs		(120,190)		(196,650)
End of year	$	2,238,997	$	2,558,299

Expenses related to foreclosed assets include:

		2014			2013
Operating expenses, net of rental income		$	141,068		$	211,459

A significant portion of the operating expenses is related to property taxes paid on the foreclosed assets. These amounts can vary from year-to-year depending on the number and types of foreclosed properties as well as the timing of the payments.