NOTE 5 – FORECLOSED ASSETS

Foreclosed assets at year-end were as follows:


	2016		2015
Commercial real estate	$	-	$	1,636
Single-family residential		204		-
Subtotal		204		1,636
Valuation Allowance		-		-
Total	$	204	$	1,636

There was no activity in the valuation allowance account or any write-downs during the years ended December 31, 2016 and 2015.

Expenses related to foreclosed assets include:


	2016		2015
Net loss (gain) on sales	$	(4)	$	-
Operating expenses, net of rental income		69		137
	$	65	$	137

Foreclosed assets at December 31, 2016 consisted of one single-family residential property that was transferred into REO at fair value in December 2016. Foreclosed assets at December 31, 2015 consisted of one multi-family property that was transferred into REO at fair value at the time of transfer in 2013. Foreclosed asset expenses incurred during 2016 and 2015 related to light rehabilitation and maintenance expense incurred to ready the property to sell, increase occupancy levels, and certain other operating costs.