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Other Real Estate Owned | 6 Months Ended
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Jun. 30, 2014
Other Real Estate Owned |
Other Real Estate Owned | Note 5 – Other Real Estate Owned Details related to the activity in the other real estate owned (“OREO”) portfolio, net of valuation reserve, for the periods presented are itemized in the following table:
|  | Three Months Ended |  | Six Months Ended
|  | J une 30, |  | June 30,
Other real estate owned |  | 2014 |  | 2013 |  | 2014 |  | 2013
Balance at beginning of period |  | $ | 40,220 |  | $ | 65,663 |  | $ | 41,537 |  | $ | 72,423
Property additions |  |  | 4,655 |  |  | 4,196 |  |  | 9,343 |  |  | 11,181
Development improvements |  |  | 131 |  |  | - |  |  | 131 |  |  | 50
Less: |  |  |  |  |  |  |  |  |  |  |  |
Property disposals, net of gains/losses |  |  | 4,949 |  |  | 7,804 |  |  | 10,518 |  |  | 19,465
Period valuation adjustments |  |  | 825 |  |  | 2,590 |  |  | 1,261 |  |  | 4,724
Balance at end of period |  | $ | 39,232 |  | $ | 59,465 |  | $ | 39,232 |  | $ | 59,465
Activity in the valuation allowance was as follows:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Balance at beginning of period |  | $ | 19,484 |  | $ | 30,966 |  | $ | 22,284 |  | $ | 31,454
Provision for unrealized losses |  |  | 825 |  |  | 2,589 |  |  | 1,261 |  |  | 4,576
Reductions taken on sales |  |  | (2,436) |  |  | (3,112) |  |  | (5,083) |  |  | (5,734)
Other adjustments |  |  | - |  |  | 44 |  |  | (589) |  |  | 191
Balance at end of period |  | $ | 17,873 |  | $ | 30,487 |  | $ | 17,873 |  | $ | 30,487
Expenses related to foreclosed assets, net of lease revenue includes:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Gain on sales, net |  | $ | (23) |  | $ | (386) |  | $ | (409) |  | $ | (567)
Provision for unrealized losses |  |  | 825 |  |  | 2,589 |  |  | 1,261 |  |  | 4,576
Operating expenses |  |  | 1,011 |  |  | 1,356 |  |  | 2,248 |  |  | 3,055
Less: |  |  |  |  |  |  |  |  |  |  |  |
Lease revenue |  |  | 163 |  |  | 257 |  |  | 442 |  |  | 665
|  | $ | 1,650 |  | $ | 3,302 |  | $ | 2,658 |  | $ | 6,399

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28367877&loc=d3e4437-111522 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 43 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.10(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18511-111553 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18551-111553 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224 + Details
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