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Other Real Estate Owned
 12 Months Ended
Dec. 31, 2017
Other Real Estate Owned  
Other Real Estate Owned

 

Note 7: 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended

 

 

    

December 31, 

  

Other real estate owned

    

2017

    

2016

    

2015

 

Balance at beginning of period

 

$

11,916

 

$

19,141

 

$

31,982

 

Property additions

 

 

3,796

 

 

1,785

 

 

8,998

 

Property improvements

 

 

 -

 

 

16

 

 

 -

 

Less:

 

 

 

 

 

 

 

 

 

 

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

 

 

5,633

 

 

7,456

 

 

17,763

 

Period valuation adjustments

 

 

1,708

 

 

1,570

 

 

4,076

 

Balance at end of period

 

$

8,371

 

$

11,916

 

$

19,141

 

 

Activity in the valuation allowance was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended

  

 

    

December 31, 

  

 

    

2017

    

2016

    

2015

  

Balance at beginning of period

 

$

9,982

 

$

14,127

 

$

19,229

 

Provision for unrealized losses

 

 

1,708

 

 

1,570

 

 

4,076

 

Reductions taken on sales

 

 

(3,482)

 

 

(5,867)

 

 

(9,271)

 

Other adjustments

 

 

 -

 

 

152

 

 

93

 

Balance at end of period

 

$

8,208

 

$

9,982

 

$

14,127

 

 

Expenses related to OREO, net of lease revenue includes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended

 

 

    

December 31, 

 

 

    

2017

    

2016

    

2015

 

Gain on sales, net

 

$

(474)

 

$

(374)

 

$

(1,073)

 

Provision for unrealized losses

 

 

1,708

 

 

1,570

 

 

4,076

 

Operating expenses

 

 

1,227

 

 

1,765

 

 

2,888

 

Less:

 

 

 

 

 

 

 

 

 

 

Lease revenue

 

 

296

 

 

218

 

 

700

 

Net OREO expense

 

$

2,165

 

$

2,743

 

$

5,191