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Note 9: Other Real Estate Owned
 3 Months Ended
Mar. 31, 2015
Notes  
Note 9: Other Real Estate Owned

NOTE 9: OTHER REAL ESTATE OWNED

 

 

Major classifications of other real estate owned were as follows:

 

 

March 31,

 

December 31,

 

2015

 

2014

(In Thousands)

 

 

 

Foreclosed assets held for sale

 

 

 

  One- to four-family construction

$120

 

$223

  Subdivision construction

9,779

 

9,857

  Land development

16,862

 

17,168

  Commercial construction

—

 

—

  One- to four-family residential

2,405

 

3,353

  Other residential

2,633

 

2,625

  Commercial real estate

3,664

 

1,632

  Commercial business

48

 

59

  Consumer

832

 

624

 

36,343

 

35,541

  FDIC-supported foreclosed assets, net of discounts

5,117

 

5,695

  Acquired foreclosed assets no longer covered by FDIC loss sharing agreements, net of discounts

879

 

879

  Acquired foreclosed assets not covered by FDIC loss sharing agreements, net of discounts (Valley Bank)

868

 

778

 

 

 

 

Foreclosed assets held for sale, net

43,207

 

42,893

 

 

 

 

  Other real estate owned not acquired through

 

 

 

foreclosure

2,958

 

2,945

 

 

 

 

Other real estate owned

$46,165

 

$45,838

 

 

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.

 

At March 31, 2015, residential mortgage loans totaling $714,000 were in the process of foreclosure.  All of these loans were acquired loans which are covered by loss sharing agreements.

 

 

Expenses applicable to foreclosed assets included the following:

 

 

Three Months Ended March 31,

 

2015

 

2014

(In Thousands)

 

 

 

Net (gain) loss on sales of foreclosed assets

$(125)

 

$150

Valuation write-downs

52

 

180

Operating expenses, net of rental income

458

 

520

 

 

 

 

 

$385

 

$850