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Other Real Estate and Repossessed Assets

6 Months Ended

Jun. 30, 2018

Other Real Estate [Abstract]

Other Real Estate and Repossessed Assets

(3) Other Real Estate and Repossessed Assets

		June 30,				December 31,
(in thousands)		2018				2017
Commercial		$	727			$	727
Real estate construction - residential			179				0
Real estate construction - commercial			12,101				12,380
Real estate mortgage - residential			317				382
Real estate mortgage - commercial			2,934				2,909
Repossessed assets			0				5
Total		$	16,258			$	16,403
Less valuation allowance for other real estate owned			(3,022	)			(3,221	)
Total other real estate and repossessed assets		$	13,236			$	13,182

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,
		2018				2017				2018				2017
Balance at beginning of period		$	16,264			$	16,669			$	16,403			$	17,291
Additions			104				52				382				155
Proceeds from sales			(80	)			(126	)			(304	)			(784	)
Charge-offs against the valuation allowance for other real estate owned, net			(30	)			(53	)			(225	)			(170	)
Net gain on sales			0				(12	)			2				38
Total other real estate and repossessed assets		$	16,258			$	16,530			$	16,258			$	16,530
Less valuation allowance for other real estate owned			(3,022	)			(3,174	)			(3,022	)			(3,174	)
Balance at end of period		$	13,236			$	13,356			$	13,236			$	13,356

At June 30, 2018, $246,000 of consumer mortgage loans secured by residential real estate properties were in the process of foreclosure compared to no loans at December 31, 2017.

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)		2018				2017				2018				2017
Balance, beginning of period		$	3,025			$	3,044			$	3,221			$	3,129
Provision for other real estate owned			27				183				26				215
Charge-offs			(30	)			(53	)			(225	)			(170	)
Balance, end of period		$	3,022			$	3,174			$	3,022			$	3,174

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- References

No definition available.

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- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 310
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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