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Note 8: Other Real Estate Owned | 3 Months Ended
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Mar. 31, 2016
Notes |
Note 8: Other Real Estate Owned | NOTE 8: OTHER REAL ESTATE OWNED Major classifications of other real estate owned were as follows:
| March 31, |  | December 31,
| 2016 |  | 2015
(In Thousands) |  |  |
Foreclosed assets held for sale |  |  |
One- to four-family construction | $— |  | $—
Subdivision construction | 6,821 |  | 7,016
Land development | 11,477 |  | 12,133
Commercial construction | — |  | —
One- to four-family residential | 1,406 |  | 1,375
Other residential | 1,962 |  | 2,150
Commercial real estate | 6,534 |  | 3,608
Commercial business | — |  | —
Consumer | 1,449 |  | 1,109
| 29,649 |  | 27,391
FDIC-supported foreclosed assets, net of discounts | 1,864 |  | 1,834
Acquired foreclosed assets no longer covered by FDIC loss |  |  |
sharing agreements, net of discounts | 417 |  | 460
Acquired foreclosed assets not covered by FDIC loss sharing |  |  |
agreements, net of discounts | 1,091 |  | 995
Foreclosed assets held for sale, net | 33,021 |  | 30,680
Other real estate owned not acquired through foreclosure | 6,507 |  | 1,213
Other real estate owned | $39,528 |  | $31,893
Other real estate owned not acquired through foreclosure includes 20 properties, 19 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 March 31, 2016, 12 former branch locations were added to other real estate owned not acquired through foreclosure due to the closing of those branches in January of 2016, and one of those properties was subsequently sold during the period. See Note 15 for further information on the branch consolidations. At March 31, 2016, residential mortgage loans totaling $1.4 million were in the process of foreclosure, $1.2 million of which were acquired loans. Of the $1.2 million of acquired loans, $798,000 was covered by loss sharing agreements as of March 31, 2016 and $397,000 was acquired in the Valley Bank transaction. Expenses applicable to other real estate owned included the following:
| Three Months Ended
| March 31,
| 2016 |  | 2015
(In Thousands) |  |  |
Net (gain) loss on sales of other real estate owned | $(98) |  | $(125)
Valuation write-downs | 374 |  | 52
Operating expenses, net of rental income | 635 |  | 458
| $911 |  | $385

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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=68051746&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=68051746&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=65884687&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 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule III)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 6: 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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 8: 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 9: 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(8)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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