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Other Real Estate Owned
 9 Months Ended
Sep. 30, 2017
Other Real Estate Owned  
Other Real Estate Owned

Note 6 – 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters Ended

 

Nine Months Ended

 

 

    

September 30, 

    

September 30, 

  

Other real estate owned

    

2017

    

2016

    

2017

    

2016

 

Balance at beginning of period

 

$

11,724

 

$

16,252

 

$

11,916

 

$

19,141

 

Property additions

 

 

176

 

 

255

 

 

3,796

 

 

1,223

 

Property improvements

 

 

 -

 

 

 4

 

 

 -

 

 

16

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from property disposals, net of participation purchase and of gains/losses

 

 

1,956

 

 

2,002

 

 

5,058

 

 

4,931

 

Period valuation adjustments

 

 

920

 

 

365

 

 

1,630

 

 

1,305

 

Balance at end of period

 

$

9,024

 

$

14,144

 

$

9,024

 

$

14,144

 

 

Activity in the valuation allowance was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Quarters Ended

 

Nine Months Ended

  

 

    

September 30, 

    

September 30, 

  

 

    

2017

    

2016

    

2017

    

2016

  

Balance at beginning of period

 

$

8,304

 

$

13,377

 

$

9,982

 

$

14,127

 

Provision for unrealized losses

 

 

920

 

 

365

 

 

1,630

 

 

1,305

 

Reductions taken on sales

 

 

(421)

 

 

(488)

 

 

(2,809)

 

 

(2,178)

 

Balance at end of period

 

$

8,803

 

$

13,254

 

$

8,803

 

$

13,254

 

 

Expenses related to OREO, net of lease revenue includes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters Ended

 

Nine Months Ended

 

 

 

September 30, 

    

September 30, 

 

 

    

2017

    

2016

    

2017

    

2016

 

Gain on sales, net

 

$

(276)

 

$

(249)

 

$

(454)

 

$

(316)

 

Provision for unrealized losses

 

 

920

 

 

365

 

 

1,630

 

 

1,305

 

Operating expenses

 

 

221

 

 

361

 

 

1,037

 

 

1,217

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease revenue

 

 

185

 

 

51

 

 

285

 

 

163

 

Net OREO expense

 

$

680

 

$

426

 

$

1,928

 

$

2,043