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Other Real Estate Owned
 9 Months Ended
Sep. 30, 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

 

Nine Months Ended

 

 

    

September 30, 

    

September 30, 

  

Other real estate owned

    

2015

    

2014

    

2015

    

2014

 

Balance at beginning of period

 

$
31,964

 

$
39,232

 

$
31,982

 

$
41,537

 

Property additions

 

 
846

 

 
4,277

 

 
7,861

 

 
13,620

 

Property improvements

 

 

 -

 

 
506

 

 

 -

 

 
637

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Property disposals, net of gains/losses

 

 
7,231

 

 
1,618

 

 
11,567

 

 
12,136

 

Period valuation adjustments

 

 
1,128

 

 
1,520

 

 
3,825

 

 
2,781

 

Balance at end of period

 

$
24,451

 

$
40,877

 

$
24,451

 

$
40,877

 

 

Activity in the valuation allowance was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

2015

    

2014

    

2015

    

2014

  

Balance at beginning of period

 

$
20,069

 

$
17,873

 

$
19,229

 

$
22,284

 

Provision for unrealized losses

 

 
1,128

 

 
1,520

 

 
3,825

 

 
2,781

 

Reductions taken on sales

 

 
(1,325)

 

 
(348)

 

 
(3,275)

 

 
(5,431)

 

Other adjustments

 

 

 -

 

 

 -

 

 
93

 

 
(589)

 

Balance at end of period

 

$
19,872

 

$
19,045

 

$
19,872

 

$
19,045

 

 

Expenses related to OREO, net of lease revenue includes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

2015

    

2014

    

2015

    

2014

 

Gain on sales, net

 

$
(432)

 

$
(201)

 

$
(769)

 

$
(610)

 

Provision for unrealized losses

 

 
1,128

 

 
1,520

 

 
3,825

 

 
2,781

 

Operating expenses

 

 
518

 

 
884

 

 
2,268

 

 
3,132

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease revenue

 

 
237

 

 
196

 

 
607

 

 
638

 

 

 

$
977

 

$
2,007

 

$
4,717

 

$
4,665