Other Real Estate Owned

3 Months Ended

Mar. 31, 2016

Other Real Estate Owned [Abstract]

Other Real Estate Owned

Note 7: Other Real Estate Owned

Other real estate owned ("OREO") is classified in Other Assets on the Company's balance sheet.

The Company's OREO activity for the three months ended March 31, 2016 and 2015 are presented below:

		2016		2015
Balance at beginning of year	$	256	$	523
Additions		--		--
Disposals		--		(110	)
Writedowns		--		--
Balance at end of period	$	256	$	413

The Company's OREO portfolio by property type is presented in the table below as of March 31, 2016 and 2015:

	2016			2015
	Number			Number
	of		Carrying	of		Carrying
	properties		value	properties		value
Residential	2	$	131	3	$	163
Commercial	1		125	2		250
Total	3	$	256	5	$	413

The Company's net gains and losses on OREO properties are presented within non-interest expense on the consolidated statements of income.

The Company recorded net gains and losses on OREO properties for the three months ended March 31, 2016 and 2015 as follows:

		2016		2015
Net gains (losses) on OREO	$	---	$	64

At March 31, 2016, the bank had consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdictions totaling $3,839 compared with $4,575 at December 31, 2015.