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Note 5: Other Real Estate Owned | 12 Months Ended
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Dec. 31, 2018
Notes |
Note 5: Other Real Estate Owned | Note 5: Other Real Estate Owned and Repossessions Major classifications of other real estate owned at December 31, 2018 and 2017, were as follows:
| 2018 |  | 2017
| (In Thousands)
Foreclosed assets held for sale and repossessions |  |  |
One- to four-family construction | $ — |  | $ —
Subdivision construction | 1,092 |  | 5,413
Land development | 3,191 |  | 7,229
Commercial construction | — |  | —
One- to four-family residential | 269 |  | 112
Other residential | — |  | 140
Commercial real estate | — |  | 1,694
Commercial business | — |  | —
Consumer | 928 |  | 1,987
| 5,480 |  | 16,575
Acquired foreclosed assets no longer covered by |  |  |
FDIC loss sharing agreements, net of discounts | 167 |  | 2,133
Acquired foreclosed assets not covered by FDIC |  |  |
loss sharing agreements, net of discounts (Valley Bank) | 1,234 |  | 1,666
Foreclosed assets held for sale and repossessions, net | 6,881 |  | 20,374
Other real estate owned not acquired through foreclosure | 1,559 |  | 1,628
Other real estate owned and repossessions | $ 8,440 |  | $ 22,002
At December 31, 2018, other real estate owned not acquired through foreclosure included nine properties, eight 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. During the year ended December 31, 2018, one former branch location was sold at a loss of $24,000, which is included in the net gains on sales of other real estate owned and repossessions amount in the table below. At 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. During the year ended December 31, 2017, seven former branch locations were sold at an aggregate gain of $250,000, which is included in the net gains on sales of other real estate owned and repossessions amount in the table below. At December 31, 2018, residential mortgage loans totaling $1.3 million were in the process of foreclosure, $1.0 million of which were acquired loans. Of the $1.0 million of acquired loans, $873,000 were previously covered by loss sharing agreements and $171,000 were acquired in the Valley Bank transaction. At December 31, 2017, residential mortgage loans totaling $3.2 million were in the process of foreclosure, $3.0 million of which were acquired loans. Of the $3.0 million of acquired loans, $2.8 million were previously covered by loss sharing agreements and $208,000 were acquired in the Valley Bank transaction. Expenses applicable to other real estate owned and repossessions for the years ended December 31, 2018, 2017 and 2016, included the following:
| 2018 |  | 2017 |  | 2016
| (In Thousands)
Net gains on sales of other real estate owned and repossessions | $ (2,522) |  | $ (2,212) |  | $ (68)
Valuation write-downs | 3,897 |  | 1,585 |  | 431
Operating expenses, net of rental income | 3,544 |  | 4,556 |  | 3,748
| $ 4,919 |  | $ 3,929 |  | $ 4,111

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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://fasb.org/us-gaap/role/ref/legacyRef -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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114775070&loc=d3e18511-111553 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=82891408&loc=d3e4437-111522 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -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 6: http://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=114775070&loc=d3e18551-111553 + Details
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