XML 102 R16.htm IDEA: XBRL DOCUMENT v3.3.0.814
Note 9: Other Real Estate Owned
 3 Months Ended
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