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Other Real Estate Owned
 3 Months Ended
Mar. 31, 2015
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

 

 

 

    

March 31, 

    

  

Other real estate owned

    

2015

    

2014

    

 

Balance at beginning of period

 

$
31,982 

 

$
41,537 

 

 

Property additions

 

 
6,108 

 

 
4,688 

 

 

Property improvements

 

 

 -

 

 

 -

 

 

Less:

 

 

 

 

 

 

 

 

Property disposals, net of gains/losses

 

 
2,020 

 

 
5,569 

 

 

Period valuation adjustments

 

 
609 

 

 
436 

 

 

Balance at end of period

 

$
35,461 

 

$
40,220 

 

 

 

Activity in the valuation allowance was as follows:

 

 

 

 

 

 

 

 

 

 

 

    

2015

    

2014

    

  

Balance at beginning of period

 

$
19,229 

 

$
22,284 

 

 

Provision for unrealized losses

 

 
609 

 

 
436 

 

 

Reductions taken on sales

 

 
(382)

 

 
(2,647)

 

 

Other adjustments

 

 

 -

 

 
(589)

 

 

Balance at end of period

 

$
19,456 

 

$
19,484 

 

 

 

Expenses related to OREO, net of lease revenue includes:

 

 

 

 

 

 

 

 

 

 

 

    

2015

    

2014

    

  

Gain on sales, net

 

$
(95)

 

$
(386)

 

 

Provision for unrealized losses

 

 
609 

 

 
436 

 

 

Operating expenses

 

 
1,001 

 

 
1,237 

 

 

Less:

 

 

 

 

 

 

 

 

Lease revenue

 

 
163 

 

 
279 

 

 

 

 

$
1,352 

 

$
1,008