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Other Real Estate Owned

3 Months Ended

Mar. 31, 2019

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		2019			2018
Balance at beginning of period		$	7,175		$	8,371
Property additions, net of acquisition adjustments			-			-
Property improvements			-			59
Less:
Proceeds from property disposals, net of participation purchase and of gains/losses			801			1,255
Period valuation adjustments			-			112
Other adjustments			9			-
Balance at end of period		$	6,365		$	7,063

Activity in the valuation allowance was as follows:

		Three Months Ended
		March 31,
		2019			2018
Balance at beginning of period		$	8,027		$	8,208
Provision for unrealized losses			-			112
Reductions taken on sales			(152)			(221)
Balance at end of period		$	7,875		$	8,099

Expenses related to OREO, net of lease revenue includes:

		Three Months Ended
		March 31,
		2019			2018
Gain on sales, net		$	(73)		$	(80)
Provision for unrealized losses			-			112
Operating expenses			128			156
Less:
Lease revenue			5			15
Net OREO expense		$	50		$	173

X

- References

No definition available.

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X

- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References

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