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Other Real Estate and Repossessed Assets
 3 Months Ended
Mar. 31, 2016
Other Real Estate [Abstract]  
Other Real Estate and Repossessed Assets
(3) Other Real Estate and Repossessed Assets

 

    March 31,     December 31,  
(in thousands)   2016     2015  
Commercial   $ 1,444     $ 1,445  
Real estate construction - commercial     12,380       12,380  
Real estate mortgage - residential     835       477  
Real estate mortgage - commercial     4,037       4,923  
Total   $ 18,696     $ 19,225  
Less valuation allowance for other real estate owned     (3,225 )     (3,233 )
Total other real estate and repossessed assets   $ 15,471     $ 15,992  

 

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

 

    Three Months Ended March 31,  
    2016     2015  
Balance at beginning of period   $ 19,225     $ 15,140  
Additions     742       603  
Proceeds from sales     (1,274 )     (883 )
Charge-offs against the valuation allowance for other real estate owned, net     (46 )     (16 )
Net gain on sales     49       140  
Total other real estate and repossessed assets   $ 18,696     $ 14,984  
Less valuation allowance for other real estate owned     (3,225 )     (3,233 )
Balance at end of period   $ 15,471     $ 11,751  

 

During the three months ended March 31, 2016 and 2015, net charge-offs against the allowance for loan losses at the time of foreclosure were approximately $381,000 and $41,000, respectively. At March 31, 2016 $565,000 of consumer mortgage loans secured by residential real estate properties were in the process of foreclosure compared to $390,000 at December 31, 2015.

 

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

 

    Three Months Ended March 31,  
(in thousands)   2016     2015  
Balance, beginning of period   $ 3,233     $ 3,255  
Provision for other real estate owned     38       (6 )
Charge-offs     (46 )     (16 )
Balance, end of period   $ 3,225     $ 3,233