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Note 7 - Other Real Estate Owned
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Real Estate Owned [Text Block]
(
7
)
Other
Real
Estate
Owned
 
The
aggregate carrying amount of Other Real Estate Owned (OREO) at
December 31, 2017,
2016
and
2015
was
$4,256,469,
$6,439,226
and
$8,839,103,
respectively. All of the Company’s other real estate owned represents properties acquired through foreclosure or deed in lieu of foreclosure. The following table details the change in OREO during
2017,
2016
and
2015
as of
December 31:
 
   
201
7
    
201
6
    
201
5
  
                         
Balance,
Beginning
of
Year
  
$
6,439,226
     $
8,839,103
     $
10,401,832
  
                         
Additions
  
 
1,724,936
      
5,664,554
      
7,536,165
  
Sales of OREO
  
 
(3,786,567
)
    
(7,416,293
 )    
(8,054,675
 )
Loss on Sale
  
 
212,641
      
(146,402
 )    
(591,071
 )
Provision for Losses
  
 
(333,767
)
    
(501,736
 )    
(453,148
 )
                         
Balance,
End
of
Year
  
$
4,256,469
     $
6,439,226
     $
8,839,103
  
 
At
December 31,
201
7,
the Company held
$479,352
of residential real estate property as foreclosed property. Also at
December 31, 2017,
$183,588
of consumer mortgage loans collateralized by residential real estate property was in the process of foreclosure according to local requirements of the applicable jurisdictions.