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Real Estate and Other Assets Acquired in Settlement of Loans
 12 Months Ended
Dec. 31, 2013
Real Estate and Other Assets Acquired in Settlement of Loans  
Real Estate and Other Assets Acquired in Settlement of Loans

(3)               Real Estate  and Other Assets Acquired in Settlement of Loans

 

(in thousands)

 

2013

 

2012

 

Commercial

 

$

0

 

$

329

 

Real estate construction - residential

 

114

 

112

 

Real estate construction - commercial

 

10,020

 

13,392

 

Real estate mortgage - residential

 

830

 

1,227

 

Real estate mortgage - commercial

 

8,537

 

14,201

 

Repossessed assets

 

41

 

468

 

Total

 

$

19,542

 

$

29,729

 

Less valuation allowance for other real estate owned

 

(4,675

)

(6,137

)

Total other real estate owned and foreclosed assets

 

$

14,867

 

$

23,592

 

 

Changes in the net carrying amount of other real estate owned and repossessed assets for the years ended December 31, 2011 2012, and 2013, respectively, were as follows:

 

Balance at December 31, 2011

 

$

22,997

 

Additions

 

16,869

 

Proceeds from sales

 

(8,571

)

Charge-offs against the valuation allowance for other real estate owned

 

(1,553

)

Repossessed assets impairment write-downs

 

(330

)

Net gain on sales

 

317

 

Balance at December 31, 2012

 

$

29,729

 

Additions

 

4,613

 

Proceeds from sales

 

(9,641

)

Charge-offs against the valuation allowance for other real estate owned, net

 

(4,829

)

Repossessed assets impairment write-downs

 

(189

)

Net loss on sales

 

(141

)

Total other real estate owned and repossessed assets

 

$

19,542

 

Less valuation allowance for other real estate owned

 

(4,675

)

Balance at December 31, 2013

 

$

14,867

 

 

During the years ended December 31, 2013 and 2012, net charge-offs against the allowance for loan losses at the time of foreclosure were approximately $800,000 and $6.7 million, respectively.

 

Activity in the valuation allowance for other real estate owned in settlement of loans for the years ended December 31, 2013, 2012 and 2011, respectively, is summarized as follows:

 

(in thousands)

 

2013

 

2012

 

2011

 

Balance, beginning of year

 

$

6,137

 

$

6,977

 

$

6,158

 

Provision for other real estate owned

 

3,367

 

713

 

1,252

 

Charge-offs

 

(4,829

)

(1,553

)

(433

)

Balance, end of year

 

$

4,675

 

$

6,137

 

$

6,977