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

 
Schedule of changes in the net carrying amount of other real estate owned and repossessed assets

 

 

 

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

 
Summary of activity in valuation allowance for other real estate owned in settlement of loans

 

 

 

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