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Note 8: Other Real Estate Owned

3 Months Ended

Jun. 30, 2016

Notes

Note 8: Other Real Estate Owned

NOTE 8: OTHER REAL ESTATE OWNED

Major classifications of other real estate owned were as follows:

	June 30,		December 31,
	2016		2015
	(In Thousands)
Foreclosed assets held for sale
One- to four-family construction	$--		$--
Subdivision construction	6,720		7,016
Land development	10,886		12,133
Commercial construction	--		--
One- to four-family residential	1,437		1,375
Other residential	1,774		2,150
Commercial real estate	5,173		3,608
Commercial business	--		--
Consumer	2,047		1,109
	28,037		27,391
FDIC-supported foreclosed assets, net of discounts	795		1,834
Acquired foreclosed assets no longer covered by FDIC loss sharing agreements, net of discounts	721		460
Acquired foreclosed assets not covered by FDIC loss sharing agreements, net of discounts	1,481		995
Foreclosed assets held for sale, net	31,034		30,680
Other real estate owned not acquired through foreclosure	3,839		1,213
Other real estate owned	$34,873		$31,893

Other real estate owned not acquired through foreclosure includes 17 properties, 16 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 June 30, 2016, three properties which were previously branch locations were sold at a net gain of $396,000, which is included in the gain on sales of other real estate owned amount in the table below.    

At June 30, 2016, residential mortgage loans totaling $1.5 million were in the process of foreclosure, $1.4 million of which were acquired loans.  Of the $1.4 million of acquired loans, $719,000 was covered by loss sharing agreements as of June 30, 2016 and $434,000 was acquired in the Valley Bank transaction. 

Expenses applicable to other real estate owned included the following:

	Three Months Ended
	June 30,
	2016		2015
	(In Thousands)
Net gain on sales of other real estate owned	$(319)		$(484)
Valuation write-downs	421		139
Operating expenses, net of rental income	772		663
	$874		$318

	Six Months Ended
	June 30,
	2016		2015
	(In Thousands)
Net (gain) loss on sales of other real estate owned	$(251)		$(609)
Valuation write-downs	321		191
Operating expenses, net of rental income	1,715		1,121
	$1,785		$703

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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.

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