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Other Real Estate Owned
 6 Months Ended
Jun. 30, 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 

 

Six Months Ended

 

 

    

June 30, 

    

June 30, 

  

Other real estate owned

    

2018

    

2017

    

2018

    

2017

 

Balance at beginning of period

 

$

7,063

 

$

13,481

 

$

8,371

 

$

11,916

 

Property additions

 

 

2,812

 

 

204

 

 

2,812

 

 

3,620

 

Property improvements

 

 

 -

 

 

 -

 

 

59

 

 

 -

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

709

 

 

1,569

 

 

1,964

 

 

3,102

 

Period valuation adjustments

 

 

254

 

 

392

 

 

366

 

 

710

 

Balance at end of period

 

$

8,912

 

$

11,724

 

$

8,912

 

$

11,724

 

 

Activity in the valuation allowance was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended 

 

Six Months Ended

  

 

    

June 30, 

    

June 30, 

  

 

    

2018

    

2017

    

2018

    

2017

  

Balance at beginning of period

 

$

8,099

 

$

9,659

 

$

8,208

 

$

9,982

 

Provision for unrealized losses

 

 

254

 

 

392

 

 

366

 

 

710

 

Reductions taken on sales

 

 

(5)

 

 

(1,747)

 

 

(226)

 

 

(2,388)

 

Other adjustments

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

Balance at end of period

 

$

8,348

 

$

8,304

 

$

8,348

 

$

8,304

 

 

Expenses related to OREO, net of lease revenue includes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Six Months Ended

 

 

 

June 30, 

    

June 30, 

 

 

    

2018

    

2017

    

2018

    

2017

 

Gain on sales, net

 

$

(24)

 

$

(104)

 

$

(104)

 

$

(178)

 

Provision for unrealized losses

 

 

254

 

 

392

 

 

366

 

 

710

 

Operating expenses

 

 

213

 

 

293

 

 

369

 

 

816

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease revenue

 

 

14

 

 

42

 

 

29

 

 

100

 

Net OREO expense

 

$

429

 

$

539

 

$

602

 

$

1,248