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

 

    September 30,     December 31,  
(in thousands)   2015     2014  
Commercial, financial and agricultural   $ 585     $ 0  
Real estate construction - residential     0       23  
Real estate construction - commercial     12,380       9,831  
Real estate mortgage - residential     483       417  
Real estate mortgage - commercial     4,923       4,831  
Repossessed assets     10       38  
Total   $ 18,381     $ 15,140  
Less valuation allowance for other real estate owned     (3,233 )     (3,255 )
Total other real estate and repossessed assets   $ 15,148     $ 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 September 30,     Nine Months Ended September 30,  
    2015     2014     2015     2014  
Balance at beginning of period   $ 15,749     $ 15,231     $ 15,140     $ 19,542  
Additions     3,032       1,512       4,549       1,817  
Proceeds from sales     (407 )     (821 )     (1,443 )     (3,945 )
Charge-offs against the valuation allowance for other real estate owned     0       (199 )     (16 )     (1,843 )
Repossessed assets impairment write-downs     0       0       0       0  
Net gain (loss) on sales     7       (3 )     151       149  
Total other real estate and repossessed assets   $ 18,381     $ 15,720     $ 18,381     $ 15,720  
Less valuation allowance for other real estate owned     (3,233 )     (3,282 )     (3,233 )     (3,282 )
Balance at end of period   $ 15,148     $ 12,438     $ 15,148     $ 12,438  

 

Net charge-offs against the allowance for loan losses at the time of foreclosure were approximately $180,000 and $323,000 during the three and nine months ended September 30, 2015, respectively, compared to $51,000 and $280,000 during the three and nine months ended September 30, 2014, respectively.

 

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

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
(in thousands)   2015     2014     2015     2014  
Balance, beginning of period   $ 3,233     $ 3,205     $ 3,255     $ 4,675  
Provision for other real estate owned     0       276       (6 )     450  
Charge-offs     0       (199 )     (16 )     (1,843 )
Balance, end of period   $ 3,233     $ 3,282     $ 3,233     $ 3,282