XML 77 R15.htm IDEA: XBRL DOCUMENT v3.3.0.814
Note 7 - Other Real Estate Owned
 9 Months Ended
Sep. 30, 2015
Disclosure Text Block [Abstract]  
Real Estate Owned [Text Block]

7. Other Real Estate Owned


The following are changes in OREO during the periods indicated:


   

For the three months ended

September 30,

  

For the nine months ended

September 30,
    2015   2014   2015   2014
    (In thousands)
                 
Balance at beginning of period   $ 4,255     $ 1,346     $ 6,326     $ 2,985  
Acquisitions     816       5,143       1,588       5,749  
Write-down of carrying value     -       -       (896 )     (5 )
Sales     (216 )     (697 )     (2,163 )     (2,937 )
                                 
Balance at end of period   $ 4,855     $ 5,792     $ 4,855     $ 5,792  

The following table shows the gross gains, gross losses and write-downs of OREO reported in the Consolidated Statements of Income during the periods indicated:


   

For the three months ended

September 30,

  

For the nine months ended

September 30,
    2015   2014   2015   2014
    (In thousands)
                 
Gross gains   $ 4     $ -     $ 306     $ 132  
Gross losses     -       (34 )     (6 )     (65 )
Write-down of carrying value     -       -       (896 )     (5 )
                                 
Total gain (loss)   $ 4     $ (34 )   $ (596 )   $ 62  

We may obtain physical possession of residential real estate collateralizing a consumer mortgage loan via foreclosure on an in-substance repossession. During the three and nine months ended September 30, 2015, we did not foreclose on any consumer mortgages through in-substance repossession. OREO are included in other assets on the Company’s balance sheet. At September 30, 2015, we did not hold any foreclosed residential real estate. At December 31, 2014, we held foreclosed residential real estate totaling $1.3 million. Included within net loans as of September 30, 2015 was a recorded investment of $13.9 million of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdiction.