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Other Real Estate Owned
 12 Months Ended
Dec. 31, 2014
Other Real Estate [Abstract]  
Other Real Estate Owned

NOTE 5 — OTHER REAL ESTATE OWNED

Other real estate owned activity was as follows:

 

 

 

December 31,

 

 

December 31,

 

(Dollars in thousands)

 

2014

 

 

2013

 

Beginning balance

 

$

13,783

 

 

$

4,749

 

Acquired through business acquisition

 

 

—

 

 

 

11,285

 

Loans transferred to OREO

 

 

543

 

 

 

1,532

 

Net realized gains (losses) and valuation adjustments on OREO

 

 

(582

)

 

 

154

 

Sales of OREO

 

 

(5,321

)

 

 

(3,937

)

Ending balance

 

$

8,423

 

 

$

13,783

 

 

Operating expenses related to OREO include:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

2014

 

 

2013

 

 

2012

 

Net realized gains (losses) and valuation adjustments on OREO

 

$

(582

)

 

$

154

 

 

$

1,379

 

Carrying costs for OREO

 

 

(373

)

 

 

(233

)

 

 

(240

)

 

 

$

(955

)

 

$

(79

)

 

$

1,139

 

Rental income on OREO properties of $170,000, $166,000 and $145,000, respectively, for years ended December 31, 2014, 2013 and 2012, is reported on the consolidated statements of income in the noninterest income section as Other.