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Real Estate and Other Assets Acquired in Settlement of Loans
 12 Months Ended
Dec. 31, 2014
Other Real Estate [Abstract]  
Real Estate and Other Assets Acquired in Settlement of Loans
(3) Real Estate and Other Assets Acquired in Settlement of Loans

 

(in thousands)   2014     2013  
Commercial   $ 0     $ 0  
Real estate construction - residential     23       114  
Real estate construction - commercial     9,831       10,020  
Real estate mortgage - residential     417       830  
Real estate mortgage - commercial     4,831       8,537  
Repossessed assets     38       41  
Total   $ 15,140     $ 19,542  
Less valuation allowance for other real estate owned     (3,255 )     (4,675 )
Total other real estate owned and foreclosed assets   $ 11,885     $ 14,867  

 

Changes in the net carrying amount of other real estate owned and repossessed assets for the years ended December 31, 2012 2013, and 2014, respectively, were as follows:

 

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     (4,829 )
Repossessed assets impairment write-downs     (189 )
Net gain on sales     (141 )
Balance at December 31, 2013   $ 19,542  
Additions     1,975  
Proceeds from sales     (4,560 )
Charge-offs against the valuation allowance for other real estate owned, net     (2,005 )
Net loss on sales     188  
Total other real estate owned and repossessed assets   $ 15,140  
Less valuation allowance for other real estate owned     (3,255 )
Balance at December 31, 2014   $ 11,885  

 

During the years ended December 31, 2014 and 2013, net charge-offs against the allowance for loan losses at the time of foreclosure were approximately $335,000 and $800,000, respectively.

 

Activity in the valuation allowance for other real estate owned in settlement of loans for the years ended December 31, 2014, 2013 and 2012, respectively, is summarized as follows:

 

(in thousands)   2014     2013     2012  
Balance, beginning of year   $ 4,675     $ 6,137     $ 6,977  
Provision for other real estate owned     585       3,367       713  
Charge-offs     (2,005 )     (4,829 )     (1,553 )
Balance, end of year   $ 3,255     $ 4,675     $ 6,137