Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
Monarch Bank Building
    
On October 22, 2018 the Company completed the sale of the Monarch Bank Building for a contract price of $1.75 million, resulting in a gain of $152 thousand with net proceeds of $299 thousand, which were used to further paydown the Revere Loan.    

First National Bank Line of Credit and Lumber River loan
    
First National Bank has approved a twenty-four months extension on the First National Bank Line of Credit and Lumber River loans.

Revere Loan Extension

On November 5, 2018, the Company entered into a Fourth Amendment to Loan Documents to the Revere Loan (the “Revere Fourth Amendment”).  The Fourth Amendment extends the maturity date to February 1, 2019 from November 1, 2018, increased the “Exit Fee” to $575 thousand from $500 thousand and increased the interest rate to 10% from 9%.   The Company paid down $100,000 on the Revere Loan in conjunction with this Fourth Amendment. As of November 7, 2018, the principal balance of the Revere Term Loan was $1.26 million.