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Note 8: Other Real Estate Owned

3 Months Ended

Jun. 30, 2017

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,
	2017		2016
	(In Thousands)
Foreclosed assets held for sale
One- to four-family construction	$                     —		$                     —
Subdivision construction	6,217		6,360
Land development	10,322		10,886
Commercial construction	—		—
One- to four-family residential	465		1,217
Other residential	—		954
Commercial real estate	2,275		3,841
Commercial business	—		—
Consumer	2,506		1,991
	21,785		25,249
FDIC-supported foreclosed assets, net of discounts	—		1,426
Acquired foreclosed assets no longer covered by FDIC loss sharing
agreements, net of discounts	4,151		316
Acquired foreclosed assets not covered by FDIC loss sharing
agreements, net of discounts	1,938		1,952
Foreclosed assets held for sale, net	27,874		28,943
Other real estate owned not acquired through foreclosure	2,240		3,715
Other real estate owned	$             30,114		$             32,658

At June 30, 2017, other real estate owned not acquired through foreclosure includes 14 properties, 13 of which were branch locations that have been closed and are held for sale, and one of which is land acquired for a potential branch location.  During the six months ended June 30, 2017, three former branch locations were sold at an aggregate gain of $269,000, which is included in the gain on sales of other real estate owned amount in the table below.  There was no activity during the three months ended June 30, 2017

At June 30, 2017, residential mortgage loans totaling $1.8 million were in the process of foreclosure, $1.7 million of which were acquired loans.    

Expenses applicable to other real estate owned included the following:

	Three Months Ended
	June 30,
	2017		2016
	(In Thousands)
Net gain on sales of other real estate owned	$                     (60)		$                  (319)
Valuation write-downs	—		421
Operating expenses, net of rental income	737		772
	$                     677		$                     874

	Six Months Ended
	June 30,
	2017		2016
	(In Thousands)
Net gain on sales of other real estate owned	$                  (728)		$                  (251)
Valuation write-downs	—		321
Operating expenses, net of rental income	1,979		1,715
	$                 1,251		$                 1,785

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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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