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Other Real Estate and Repossessed Assets
 9 Months Ended
Sep. 30, 2017
Other Real Estate [Abstract]  
Other Real Estate and Repossessed Assets
(3) Other Real Estate and Repossessed Assets

 

    September 30,     December 31,  
(in thousands)   2017     2016  
Commercial   $ 727     $ 809  
Real estate construction - commercial     12,380       12,380  
Real estate mortgage - residential     363       647  
Real estate mortgage - commercial     2,909       3,439  
Repossessed assets     0       16  
Total   $ 16,379     $ 17,291  
Less valuation allowance for other real estate owned     (3,202 )     (3,129 )
Total other real estate and repossessed assets   $ 13,177     $ 14,162  

 

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,  
    2017     2016     2017     2016  
Balance at beginning of period   $ 16,530     $ 18,462     $ 17,291     $ 19,225  
Additions     62       386       217       2,020  
Proceeds from sales     (217 )     (1,214 )     (1,001 )     (3,613 )
Charge-offs against the valuation allowance for other real estate owned, net     0       (48 )     (170 )     (149 )
Net gain on sales     4       112       42       215  
Total other real estate and repossessed assets   $ 16,379     $ 17,698     $ 16,379     $ 17,698  
Less valuation allowance for other real estate owned     (3,202 )     (3,260 )     (3,202 )     (3,260 )
Balance at end of period   $ 13,177     $ 14,438     $ 13,177     $ 14,438  

 

At September 30, 2017 $101,000 of consumer mortgage loans secured by residential real estate properties were in the process of foreclosure compared to $162,000 at December 31, 2016.

 

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)   2017     2016     2017     2016  
Balance, beginning of period   $ 3,174     $ 3,208     $ 3,129     $ 3,233  
Provision for other real estate owned     28       100       243       176  
Charge-offs     0       (48 )     (170 )     (149 )
Balance, end of period   $ 3,202     $ 3,260     $ 3,202     $ 3,260