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Note 9: Other Real Estate Owned | 3 Months Ended
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Sep. 30, 2015
Notes |
Note 9: Other Real Estate Owned | NOTE 9: OTHER REAL ESTATE OWNED Major classifications of other real estate owned were as follows:
| September 30, |  | December 31,
| 2015 |  | 2014
(In Thousands) |  |  |
Foreclosed assets held for sale |  |  |
One- to four-family construction | $— |  | $223
Subdivision construction | 7,514 |  | 9,857
Land development | 13,411 |  | 17,168
Commercial construction | — |  | —
One- to four-family residential | 1,863 |  | 3,353
Other residential | 2,150 |  | 2,625
Commercial real estate | 3,551 |  | 1,632
Commercial business | 48 |  | 59
Consumer | 905 |  | 624
| 29,442 |  | 35,541
FDIC-supported foreclosed assets, net of discounts | 2,533 |  | 5,695
Acquired foreclosed assets no longer covered by FDIC loss sharing agreements, net of discounts | 478 |  | 879
Acquired foreclosed assets not covered by FDIC loss sharing agreements, net of discounts | 1,078 |  | 778
Foreclosed assets held for sale, net | 33,531 |  | 42,893
Other real estate owned not acquired through foreclosure | 1,594 |  | 2,945
Other real estate owned | $35,125 |  | $45,838
Other real estate owned not acquired through foreclosure includes 10 properties, 9 of which were branch locations that have been closed and are held for sale, and one of which is land which was acquired for a potential branch location. During the three months ended September 30, 2015, two former branch locations, which had previously been part of other real estate owned not acquired through foreclosure, were sold at a net gain of $285,000, which was included in the gain on sale of foreclosed assets amount in the table below. During the nine months ended September 30, 2015, three properties were sold which had previously been part of other real estate owned not acquired through for foreclosure at a net gain of $612,000. The properties sold included the two former branch locations noted above in the three month period, as well as vacant land which was sold at a gain of $327,000. At September 30, 2015, residential mortgage loans totaling $1.9 million were in the process of foreclosure, $1.6 million of which were acquired loans. Of the $1.6 million of acquired loans, $875,000 are covered by loss sharing agreements and $684,000 were acquired in the Valley Bank transaction. Expenses applicable to foreclosed assets included the following:
| Three Months Ended September 30,
| 2015 |  | 2014
(In Thousands) |  |  |
Net (gain) loss on sales of foreclosed assets | $(99) |  | $126
Valuation write-downs | 194 |  | 158
Operating expenses, net of rental income | 521 |  | 698
| $616 |  | $982
| Nine Months Ended September 30,
| 2015 |  | 2014
(In Thousands) |  |  |
Net (gain) loss on sales of foreclosed assets | $(709) |  | $72
Valuation write-downs | 385 |  | 1,357
Operating expenses, net of rental income | 1,643 |  | 1,744
| $1,319 |  | $3,173

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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 FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56956306&loc=d3e18551-111553 Reference 2: 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=56956306&loc=d3e18511-111553 Reference 3: 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 4: 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 Reference 5: 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 6: 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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 9: 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 + Details
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