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Other Real Estate and Repossessed Assets
 6 Months Ended
Jun. 30, 2016
Other Real Estate [Abstract]  
Other Real Estate and Repossessed Assets
(3) Other Real Estate and Repossessed Assets

 

    June 30,     December 31,  
(in thousands)   2016     2015  
Commercial   $ 830     $ 1,445  
Real estate construction - commercial     12,380       12,380  
Real estate mortgage - residential     1,144       477  
Real estate mortgage - commercial     4,097       4,923  
Repossessed assets     11       0  
Total   $ 18,462     $ 19,225  
Less valuation allowance for other real estate owned     (3,208 )     (3,233 )
Total other real estate and repossessed assets   $ 15,254     $ 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 June 30,     Six Months Ended June 30,  
    2016     2015     2016     2015  
Balance at beginning of period   $ 18,696     $ 14,984     $ 19,225     $ 15,140  
Additions     892       914       1,634       1,517  
Proceeds from sales     (1,125 )     (153 )     (2,399 )     (1,036 )
Charge-offs against the valuation allowance for other real estate owned, net     (55 )     0       (101 )     (16 )
Net gain on sales     54       4       103       144  
Total other real estate and repossessed assets   $ 18,462     $ 15,749     $ 18,462     $ 15,749  
Less valuation allowance for other real estate owned     (3,208 )     (3,233 )     (3,208 )     (3,233 )
Balance at end of period   $ 15,254     $ 12,516     $ 15,254     $ 12,516  

 

At June 30, 2016, $146,000 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 June 30,     Six Months Ended June 30,  
(in thousands)   2016     2015     2016     2015  
Balance, beginning of period   $ 3,225     $ 3,233     $ 3,233     $ 3,233  
Provision for other real estate owned     38       0       76       0  
Charge-offs     (55 )     0       (101 )     0  
Balance, end of period   $ 3,208     $ 3,233     $ 3,208     $ 3,233