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Note 8: Other Real Estate Owned

6 Months Ended

Jun. 30, 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:

	June 30,		December 31,
	2018		2017
	(In Thousands)
Foreclosed assets held for sale and repossessions
One- to four-family construction	$                   —		$                 —
Subdivision construction	2,715		5,413
Land development	5,068		7,229
Commercial construction	—		—
One- to four-family residential	622		112
Other residential	1,744		140
Commercial real estate	1,745		1,694
Commercial business	—		—
Consumer	1,470		1,987
	13,364		16,575
Foreclosed assets acquired through FDIC-assisted
transactions, net of discounts	3,274		3,799
Foreclosed assets held for sale and repossessions, net	16,638		20,374
Other real estate owned not acquired through foreclosure	1,628		1,628
Other real estate owned and repossessions	$            18,266		$          22,002

At June 30, 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 June 30, 2018, residential mortgage loans totaling $1.6 million were in the process of foreclosure, $1.3 million of which were acquired loans.

Expenses applicable to other real estate owned included the following:

	Three Months Ended
	June 30,
	2018		2017
	(In Thousands)
Net gain on sales of other real estate and repossessions	$                  (977)		$             (225)
Valuation write-downs	2,757		—
Operating expenses, net of rental income	957		902
	$                 2,737		$               677

	Six Months Ended
	June 30,
	2018		2017
	(In Thousands)
Net gain on sales of other real estate and repossessions	$               (1,449)		$             (728)
Valuation write-downs	3,373		—
Operating expenses, net of rental income	1,954		1,979
	$                 3,878		$            1,251

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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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