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Other Real Estate Owned
 3 Months Ended
Mar. 31, 2018
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:

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

    

March 31, 

  

Other real estate owned

    

2018

    

2017

 

Balance at beginning of period

 

$

8,371

 

$

11,916

 

Property additions

 

 

 -

 

 

3,416

 

Property improvements

 

 

59

 

 

 -

 

Less:

 

 

 

 

 

 

 

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

 

 

1,255

 

 

1,533

 

Period valuation adjustments

 

 

112

 

 

318

 

Balance at end of period

 

$

7,063

 

$

13,481

 

 

Activity in the valuation allowance was as follows:

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

  

 

    

March 31, 

  

 

    

2018

    

2017

  

Balance at beginning of period

 

$

8,208

 

$

9,982

 

Provision for unrealized losses

 

 

112

 

 

318

 

Reductions taken on sales

 

 

(221)

 

 

(641)

 

Other adjustments

 

 

 -

 

 

 -

 

Balance at end of period

 

$

8,099

 

$

9,659

 

 

Expenses related to OREO, net of lease revenue includes:

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

    

March 31, 

 

 

    

2018

    

2017

 

Gain on sales, net

 

$

(80)

 

$

(74)

 

Provision for unrealized losses

 

 

112

 

 

318

 

Operating expenses

 

 

156

 

 

523

 

Less:

 

 

 

 

 

 

 

Lease revenue

 

 

15

 

 

58

 

Net OREO expense

 

$

173

 

$

709