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Note 8: Other Real Estate Owned and Repossessions | 3 Months Ended
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Mar. 31, 2019
Notes |
Note 8: Other Real Estate Owned and Repossessions | NOTE 8: OTHER REAL ESTATE OWNED AND REPOSSESSIONS Major classifications of other real estate owned were as follows:
| March 31, |  | December 31,
| 2019 |  | 2018
| (In Thousands)
Foreclosed assets held for sale and repossessions |  |  |
One- to four-family construction | $ — |  | $ —
Subdivision construction | 971 |  | 1,092
Land development | 3,041 |  | 3,191
Commercial construction | — |  | —
One- to four-family residential | 985 |  | 269
Other residential | — |  | —
Commercial real estate | — |  | —
Commercial business | — |  | —
Consumer | 697 |  | 928
| 5,694 |  | 5,480
Foreclosed assets acquired through FDIC-assisted |  |  |
transactions, net of discounts | 1,563 |  | 1,401
Foreclosed assets held for sale and repossessions, net | 7,257 |  | 6,881
Other real estate owned not acquired through foreclosure | 1,515 |  | 1,559
Other real estate owned and repossessions | $ 8,772 |  | $ 8,440
At both March 31, 2019 and 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. At March 31, 2019, residential mortgage loans totaling $551,000 were in the process of foreclosure, $334,000 of which were acquired loans. Of the $334,000 of acquired loans, $101,000 were previously covered by loss sharing agreements and $233,000 were acquired in the Valley Bank transaction. 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. Expenses applicable to other real estate owned and repossessions included the following:
| Three Months Ended
| March 31,
| 2019 |  | 2018
| (In Thousands)
Net gains on sales of other real estate owned and repossessions | $ (166) |  | $ (472)
Valuation write-downs | 247 |  | 616
Operating expenses, net of rental income | 539 |  | 997
| $ 620 |  | $ 1,141

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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://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118952595&loc=d3e4437-111522 + Details
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