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

 

    September 30,     December 31,  
(in thousands)   2016     2015  
Commercial   $ 831     $ 1,445  
Real estate construction - commercial     12,380       12,380  
Real estate mortgage - residential     1,020       477  
Real estate mortgage - commercial     3,439       4,923  
Repossessed assets     28       0  
Total   $ 17,698     $ 19,225  
Less valuation allowance for other real estate owned     (3,260 )     (3,233 )
Total other real estate and repossessed assets   $ 14,438     $ 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 September 30,     Nine Months Ended September 30,  
    2016     2015     2016     2015  
Balance at beginning of period   $ 18,462     $ 15,749     $ 19,225     $ 15,140  
Additions     386       3,032       2,020       4,549  
Proceeds from sales     (1,214 )     (407 )     (3,613 )     (1,443 )
Charge-offs against the valuation allowance for other real estate owned, net     (48 )     0       (149 )     (16 )
Net gain on sales     112       7       215       151  
Total other real estate and repossessed assets   $ 17,698     $ 18,381     $ 17,698     $ 18,381  
Less valuation allowance for other real estate owned     (3,260 )     (3,233 )     (3,260 )     (3,233 )
Balance at end of period   $ 14,438     $ 15,148     $ 14,438     $ 15,148  

 

At September 30, 2016, $141,000 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 September 30,     Nine Months Ended September 30,  
(in thousands)   2016     2015     2016     2015  
Balance, beginning of period   $ 3,208     $ 3,233     $ 3,233     $ 3,255  
Provision for other real estate owned     100       0       176       (6 )
Charge-offs     (48 )     0       (149 )     (16 )
Balance, end of period   $ 3,260     $ 3,233     $ 3,260     $ 3,233