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Other Real Estate Owned
 9 Months Ended
Sep. 30, 2016
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

    

2016

    

2015

    

2016

    

2015

 

Balance at beginning of period

 

$
16,252

 

$
31,964

 

$
19,141

 

$
31,982

 

Property additions

 

 
255

 

 
846

 

 
1,223

 

 
7,861

 

Property improvements

 

 
4

 

 

 -

 

 
16

 

 

 -

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Property disposals, net of gains/losses

 

 
2,002

 

 
7,231

 

 
4,931

 

 
11,567

 

Period valuation adjustments

 

 
365

 

 
1,128

 

 
1,305

 

 
3,825

 

Balance at end of period

 

$
14,144

 

$
24,451

 

$
14,144

 

$
24,451

 

 

Activity in the valuation allowance was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended

 

Nine Months Ended

  

 

    

September 30, 

    

September 30, 

  

 

    

2016

    

2015

    

2016

    

2015

  

Balance at beginning of period

 

$
13,377

 

$
20,069

 

$
14,127

 

$
19,229

 

Provision for unrealized losses

 

 
365

 

 
1,128

 

 
1,305

 

 
3,825

 

Reductions taken on sales

 

 
(488)

 

 
(1,325)

 

 
(2,178)

 

 
(3,275)

 

Other adjustments

 

 

 -

 

 

 -

 

 

 -

 

 
93

 

Balance at end of period

 

$
13,254

 

$
19,872

 

$
13,254

 

$
19,872

 

 

Expenses related to OREO, net of lease revenue includes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 

    

September 30, 

 

 

    

2016

    

2015

    

2016

    

2015

 

Gain on sales, net

 

$
(249)

 

$
(432)

 

$
(316)

 

$
(769)

 

Provision for unrealized losses

 

 
365

 

 
1,128

 

 
1,305

 

 
3,825

 

Operating expenses

 

 
361

 

 
518

 

 
1,217

 

 
2,268

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease revenue

 

 
51

 

 
237

 

 
163

 

 
607

 

Net OREO expense

 

$
426

 

$
977

 

$
2,043

 

$
4,717