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OTHER REAL ESTATE
 12 Months Ended
Dec. 31, 2018
OTHER REAL ESTATE [Abstract]  
OTHER REAL ESTATE
NOTE 5 – OTHER REAL ESTATE

A summary of other real estate activity for the years ended December 31 follows (1):

  
2018
  
2017
  
2016
 
  
(In thousands)
 
Balance at beginning of year, net of valuation allowance
 
$
1,628
  
$
4,956
  
$
7,070
 
Loans transferred to other real estate
  
1,510
   
1,735
   
2,355
 
Sales of other real estate
  
(1,822
)
  
(4,737
)
  
(3,596
)
Additions to valuation allowance charged to expense
  
(138
)
  
(326
)
  
(873
)
Balance at end of year, net of valuation allowance
 
$
1,178
  
$
1,628
  
$
4,956
 

(1)
Table excludes other repossessed assets totaling $0.12 million and $0.02 million at December 31, 2018 and 2017, respectively.

We periodically review our real estate properties and establish valuation allowances on these properties if values have declined since the date of acquisition. An analysis of our valuation allowance for other real estate follows:

  
2018
  
2017
  
2016
 
  
(In thousands)
 
Balance at beginning of year
 
$
123
  
$
793
  
$
1,692
 
Additions charged to expense
  
138
   
326
   
873
 
Direct write-downs upon sale
  
(117
)
  
(996
)
  
(1,772
)
Balance at end of year
 
$
144
  
$
123
  
$
793
 

At December 31, 2018 and 2017, the balance of other real estate includes $1.2 million and $1.6 million of foreclosed residential real estate properties. Retail mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements totaled $0.3 million and $0.8 million at December 31, 2018 and 2017, respectively.

Other real estate and repossessed assets totaling $1.3 million and $1.6 million at December 31, 2018 and 2017, respectively, are presented net of the valuation allowance on the Consolidated Statements of Financial Condition.