Note 6 - Other Real Estate Owned

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Real Estate Owned [Text Block]

(

6

)

Other Real Estate Owned

The aggregate carrying amount of Other Real Estate Owned (“OREO”) at

September 30, 2019

and

December 31, 2018

was

$776

and

$1,841,

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 for the

nine

months ended

September 30, 2019

and the year ended

December 31, 2018.

	Nine Months Ended			Twelve Months Ended
	September 30, 2019			December 31, 2018
Balance, Beginning	$	1,841		$	4,256
Additions		314			793
Acquired in Acquisition		243			-
Sales of OREO		(2,412	)		(2,949	)
Transfer to Bank Premises		-			(300	)
Gains (Losses) on Sale		894			303
Provision for Losses		(104	)		(262	)
Balance, Ending	$	776		$	1,841

At

September 30, 2019,

the Company held

$201

thousand of residential real estate property as foreclosed property compared to

$565

thousand as of

December 31, 2018. 

Also at

September 30, 2019,

$739

thousand of consumer mortgage loans collateralized by residential real estate property were in the process of foreclosure according to local requirements of the applicable jurisdictions. At

December 31, 2018,

only

$25

thousand of consumer mortgage loans collateralized by residential real estate property were in the process of foreclosure according to local requirements of the applicable jurisdictions.