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Note 5: Other Real Estate Owned | 12 Months Ended
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Dec. 31, 2014
Notes |
Note 5: Other Real Estate Owned | Note 5: Other Real Estate Owned Major classifications of foreclosed assets at December 31, 2014 and 2013, were as follows:
| 2014 |  | 2013
(In Thousands) |  |  |
Foreclosed assets held for sale |  |  |
One- to four-family construction | $223 |  | $600
Subdivision construction | 9,857 |  | 12,152
Land development | 17,168 |  | 16,688
Commercial construction | -- |  | 2,132
One- to four-family residential | 3,353 |  | 744
Other residential | 2,625 |  | 5,900
Commercial real estate | 1,632 |  | 3,135
Commercial business | 59 |  | 79
Consumer | 624 |  | 715
| 35,541 |  | 42,145
FDIC-supported foreclosed assets, net of discounts | 5,695 |  | 9,258
Acquired foreclosed assets no longer covered by |  |  |
FDIC loss sharing agreements, net of discounts | 879 |  | --
Acquired foreclosed assets not covered by FDIC |  |  |
loss sharing agreements, net of discounts (Valley Bank) | 778 |  | --
Foreclosed assets held for sale, net | 42,893 |  | 51,403
Other real estate owned not acquired through |  |  |
foreclosure | 2,945 |  | 2,111
Other real estate owned | $45,838 |  | $53,514
As of December 31, 2014, other real estate owned not acquired through foreclosure includes 13 properties, 11 of which were branch locations that have been closed and are held for sale, and two of which are land which was acquired for potential branch locations. Expenses applicable to foreclosed assets for the years ended December 31, 2014, 2013 and 2012, included the following:
| 2014 |  | 2013 |  | 2012
(In Thousands) |  |  |  |  |
Net gain on sales of real estate | $(91) |  | $(231) |  | $(1,603)
Valuation write-downs | 3,343 |  | 1,384 |  | 6,786
Operating expenses, net of rental |  |  |  |  |
income | 2,384 |  | 2,915 |  | 3,565
| $5,636 |  | $4,068 |  | $8,748

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- 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28367877&loc=d3e4437-111522 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.10(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18511-111553 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 43 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18551-111553 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224 + Details
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