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Note 8: Other Real Estate Owned
 3 Months Ended
Mar. 31, 2018
Notes  
Note 8: Other Real Estate Owned

NOTE 8: OTHER REAL ESTATE OWNED AND REPOSSESSIONS

 

Major classifications of other real estate owned were as follows:

 

 

March 31,

 

December 31,

 

2018

 

2017

 

(In Thousands)

 

 

 

 

Foreclosed assets held for sale and repossessions

 

 

 

One- to four-family construction

   $                   —

 

   $                 —

Subdivision construction

                   4,836

 

                 5,413

Land development

                   7,684

 

                 7,229

Commercial construction

                        —

 

                      —

One- to four-family residential

                        91

 

                    112

Other residential

                   1,601

 

                    140

Commercial real estate

                   2,088

 

                 1,694

Commercial business

                        —

 

                      —

Consumer

                   1,722

 

                 1,987

 

                 18,022

 

               16,575

Foreclosed assets acquired through FDIC-assisted

 

 

 

transactions, net of discounts

                   3,332

 

                 3,799

 

 

 

 

Foreclosed assets held for sale and repossessions, net

                 21,354

 

               20,374

 

 

 

 

Other real estate owned not acquired through foreclosure

                   1,628

 

                 1,628

 

 

 

 

Other real estate owned and repossessions

   $            22,982

 

   $          22,002

 

 

At March 31, 2018 and December 31, 2017, other real estate owned not acquired through foreclosure included 10 properties, nine of which were branch locations that were closed and are held for sale, and one of which is land acquired for a potential branch location. 

 

At March 31, 2018, residential mortgage loans totaling $2.4 million were in the process of foreclosure, $2.2 million of which were acquired loans.

 

 

Expenses applicable to other real estate owned included the following:

 

 

Three Months Ended

 

March 31,

 

2018

 

2017

 

(In Thousands)

 

 

 

 

Net (gain) loss on sales of other real estate and repossessions

   $             (472)

 

   $             (311)     

Valuation write-downs

                    616 

 

                      60 

Operating expenses, net of rental income

                    997 

 

                    826 

 

 

 

 

 

   $            1,141 

 

   $               575