Note 6 - Other Real Estate Owned
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Real Estate Owned [Text Block]
Note
6
- Other Real Estate Owned
 
 
Other real estate owned consists of properties acquired as a result of foreclosures or deeds in-lieu-of foreclosure. Properties or other assets are classified as OREO and are reported at the lower of carrying value or fair value, less estimated costs to sell. Costs relating to the development or improvement of assets are capitalized, and costs relating to holding the property are charged to expense. As of
December
31,
2016
the balance of OREO is comprised of
seven
single-family residential properties.
 
The summary of the change in other real estate owned, which is included as a component of other assets on the Corporation's Consolidated Balance Sheets, is as follows:
 
 
 
December 31,
 
(dollars in thousands)
 
2016
 
 
2015
 
Balance January 1
  $
2,638
     $
1,147
  
Additions
   
355
      
2,673
  
Impairments
    
(94
)
    
(89
)
Sales
   
(1,882
)
    
(1,093
)
Balance December 31
  $
1,017
     $
2,638