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Real Estate and Other Assets Acquired in Settlement of Loans
 3 Months Ended
Mar. 31, 2014
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

 

 

 

March 31,

 

December 31,

 

(in thousands)

 

2014

 

2013

 

Real estate construction - residential

 

$

32

 

$

114

 

Real estate construction - commercial

 

10,020

 

10,020

 

Real estate mortgage - residential

 

332

 

830

 

Real estate mortgage - commercial

 

8,289

 

8,537

 

Repossessed assets

 

23

 

41

 

Total

 

$

18,696

 

$

19,542

 

Less valuation allowance for other real estate owned

 

(4,642

)

(4,675

)

Total other real estate owned and foreclosed assets

 

$

14,054

 

$

14,867

 

 

Changes in the net carrying amount of other real estate owned and repossessed assets for the three months ended March 31, 2014 and 2013, respectively, were as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2014

 

2013

 

Balance at beginning of period

 

$

19,542

 

$

29,729

 

Additions

 

259

 

2,470

 

Proceeds from sales

 

(1,094

)

(604

)

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

 

(156

)

(136

)

Net gain on sales

 

145

 

13

 

Total other real estate owned and repossessed assets

 

$

18,696

 

$

31,472

 

Less valuation allowance for other real estate owned

 

(4,642

)

(8,344

)

Balance at end of period

 

$

14,054

 

$

23,128

 

 

During the three months ended March 31, 2014 and 2013, net charge-offs against the allowance for loan losses at the time of foreclosure were approximately $162,000 and $374,000, respectively.

 

Activity in the valuation allowance for other real estate owned in settlement of loans for the three months ended March 31, 2014 and 2013, respectively, is summarized as follows:

 

 

 

Three Months Ended March 31,

 

(in thousands)

 

2014

 

2013

 

Balance, beginning of period

 

$

4,675

 

$

6,137

 

Provision for other real estate owned

 

123

 

2,343

 

Charge-offs

 

(156

)

(136

)

Balance, end of period

 

$

4,642

 

$

8,344