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Other Real Estate Owned
 9 Months Ended
Sep. 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

 

Nine Months Ended

 

    

September 30, 

    

September 30, 

Other real estate owned

    

2014

    

2013

    

2014

    

2013

Balance at beginning of period

 

$
39,232 

 

$
59,465 

 

$
41,537 

 

$
72,423 

Property additions

 

 
4,277 

 

 
3,015 

 

 
13,620 

 

 
14,196 

Property improvements

 

 
506 

 

 
10 

 

 
637 

 

 
60 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Property disposals, net of gains/losses

 

 
1,618 

 

 
11,463 

 

 
12,136 

 

 
30,928 

Period valuation adjustments

 

 
1,520 

 

 
1,961 

 

 
2,781 

 

 
6,685 

Balance at end of period

 

$
40,877 

 

$
49,066 

 

$
40,877 

 

$
49,066 

 

Activity in the valuation allowance was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30, 

 

September 30, 

 

    

2014

    

2013

    

2014

    

2013

Balance at beginning of period

 

$
17,873 

 

$
30,487 

 

$
22,284 

 

$
31,454 

Provision for unrealized losses

 

 
1,520 

 

 
1,961 

 

 
2,781 

 

 
6,537 

Reductions taken on sales

 

 
(348)

 

 
(7,571)

 

 
(5,431)

 

 
(13,305)

Other adjustments

 

 

 -

 

 
(290)

 

 
(589)

 

 
(99)

Balance at end of period

 

$
19,045 

 

$
24,587 

 

$
19,045 

 

$
24,587 

 

Expenses related to OREO, net of lease revenue includes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30, 

 

September 30, 

 

    

2014

    

2013

    

2014

    

2013

Gain on sales, net

 

$
(201)

 

$
(608)

 

$
(610)

 

$
(1,175)

Provision for unrealized losses

 

 
1,520 

 

 
1,961 

 

 
2,781 

 

 
6,537 

Operating expenses

 

 
884 

 

 
1,500 

 

 
3,132 

 

 
4,555 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Lease revenue

 

 
196 

 

 
309 

 

 
638 

 

 
974 

 

 

$
2,007 

 

$
2,544 

 

$
4,665 

 

$
8,943