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Other Real Estate Owned
 9 Months Ended
Sep. 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 

 

Nine Months Ended

 

 

    

September 30, 

    

September 30, 

  

Other real estate owned

    

2018

    

2017

    

2018

    

2017

 

Balance at beginning of period

 

$

8,912

 

$

11,724

 

$

8,371

 

$

11,916

 

Property additions, net of acquisition adjustments

 

 

(217)

 

 

176

 

 

2,595

 

 

3,796

 

Property improvements

 

 

 -

 

 

 -

 

 

59

 

 

 -

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

1,612

 

 

1,956

 

 

3,576

 

 

5,058

 

Period valuation adjustments

 

 

119

 

 

920

 

 

485

 

 

1,630

 

Balance at end of period

 

$

6,964

 

$

9,024

 

$

6,964

 

$

9,024

 

 

Activity in the valuation allowance was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended

 

Nine Months Ended

  

 

    

September 30, 

    

September 30, 

  

 

    

2018

    

2017

    

2018

    

2017

  

Balance at beginning of period

 

$

8,348

 

$

8,304

 

$

8,208

 

$

9,982

 

Provision for unrealized losses

 

 

119

 

 

920

 

 

485

 

 

1,630

 

Reductions taken on sales

 

 

(456)

 

 

(421)

 

 

(682)

 

 

(2,809)

 

Other adjustments

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

Balance at end of period

 

$

8,011

 

$

8,803

 

$

8,011

 

$

8,803

 

 

Expenses related to OREO, net of lease revenue includes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 

    

September 30, 

 

 

    

2018

    

2017

    

2018

    

2017

 

Gain on sales, net

 

$

(612)

 

$

(276)

 

$

(716)

 

$

(454)

 

Provision for unrealized losses

 

 

119

 

 

920

 

 

485

 

 

1,630

 

Operating expenses

 

 

133

 

 

221

 

 

502

 

 

1,037

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease revenue

 

 

10

 

 

185

 

 

39

 

 

285

 

Net OREO expense

 

$

(370)

 

$

680

 

$

232

 

$

1,928