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Other Real Estate and Foreclosed Assets
 6 Months Ended
Jun. 30, 2014
Other Real Estate [Abstract]  
Other Real Estate and Foreclosed Assets

 

(3) Other Real Estate and Foreclosed Assets

 

    June 30,     December 31,  
(in thousands)   2014     2013  
Real estate construction - residential   $ 17     $ 114  
Real estate construction - commercial     9,866       10,020  
Real estate mortgage - residential     281       830  
Real estate mortgage - commercial     5,058       8,537  
Foreclosed assets     9       41  
Total   $ 15,231     $ 19,542  
Less valuation allowance for other real estate owned     (3,205 )     (4,675 )
Total other real estate and foreclosed assets   $ 12,026     $ 14,867  

 

Changes in the net carrying amount of other real estate and foreclosed assets during the periods indicated were as follows:

 

    Three Months Ended June 30,     Six Months Ended June 30,  
    2014     2013     2014     2013  
Balance at beginning of period   $ 18,696     $ 31,472     $ 19,542     $ 29,729  
Additions     46       500       305       2,970  
Proceeds from sales     (2,030 )     (5,629 )     (3,124 )     (6,233 )
Charge-offs against the valuation allowance for other real estate owned     (1,488 )     (4,187 )     (1,644 )     (4,323 )
Foreclosed assets impairment write-downs     0       (200 )     0       (200 )
Net gain on sales     7       21       152       34  
Total other real estate and foreclosed assets   $ 15,231     $ 21,977     $ 15,231     $ 21,977  
Less valuation allowance for other real estate owned     (3,205 )     (3,999 )     (3,205 )     (3,999 )
Balance at end of period   $ 12,026     $ 17,978     $ 12,026     $ 17,978  

 

Net charge-offs against the allowance for loan losses at the time of foreclosure were approximately $66,000 and $228,000 during the three and six months ended June 30, 2014, respectively, compared to $162,000 and $374,000, during the three and six months ended June 30, 2013, respectively.

 

Activity in the valuation allowance for other real estate owned during the periods indicated was as follows:

 

    Three Months Ended June 30,     Six Months Ended June 30,  
(in thousands)   2014     2013     2014     2013  
Balance, beginning of period   $ 4,642     $ 8,344     $ 4,675     $ 6,137  
Provision for other real estate owned     51       (158 )     174       2,185  
Charge-offs     (1,488 )     (4,187 )     (1,644 )     (4,323 )
Balance, end of period   $ 3,205     $ 3,999     $ 3,205     $ 3,999