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Other Real Estate and Repossessed Assets
 6 Months Ended
Jun. 30, 2015
Other Real Estate [Abstract]  
Other Real Estate and Repossessed Assets
(3) Other Real Estate and Repossessed Assets

 

    June 30,     December 31,  
(in thousands)   2015     2014  
Real estate construction - residential   $ 0     $ 23  
Real estate construction - commercial     9,831       9,831  
Real estate mortgage - residential     447       417  
Real estate mortgage - commercial     5,439       4,831  
Repossessed assets     32       38  
Total   $ 15,749     $ 15,140  
Less valuation allowance for other real estate owned     (3,233 )     (3,255 )
Total other real estate and repossessed assets   $ 12,516     $ 11,885  

 

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

 

    Three Months Ended June 30,     Six Months Ended June 30,  
    2015     2014     2015     2014  
Balance at beginning of period   $ 14,984     $ 18,696     $ 15,140     $ 19,542  
Additions     914       46       1,517       305  
Proceeds from sales     (153 )     (2,030 )     (1,036 )     (3,124 )
Charge-offs against the valuation allowance for other real estate owned     0       (1,488 )     (16 )     (1,644 )
Repossessed assets impairment write-downs     0       0       0       0  
Net gain on sales     4       7       144       152  
Total other real estate and repossessed assets   $ 15,749     $ 15,231     $ 15,749     $ 15,231  
Less valuation allowance for other real estate owned     (3,233 )     (3,205 )     (3,233 )     (3,205 )
Balance at end of period   $ 12,516     $ 12,026     $ 12,516     $ 12,026  

 

Net charge-offs against the allowance for loan losses at the time of foreclosure were approximately $51,000 and $50,000 during the three and six months ended June 30, 2015, respectively, compared to $66,000 and $228,000 during the three and six months ended June 30, 2014, respectively.

 

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

 

    Three Months Ended June 30,     Six Months Ended June 30,  
(in thousands)   2015     2014     2015     2014  
Balance, beginning of period   $ 3,233     $ 4,642     $ 3,255     $ 4,675  
Provision for other real estate owned     0       51       (6 )     174  
Charge-offs     0       (1,488 )     (16 )     (1,644 )
Balance, end of period   $ 3,233     $ 3,205     $ 3,233     $ 3,205