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Other Real Estate and Repossessed Assets

9 Months Ended

Sep. 30, 2018

Other Real Estate [Abstract]

Other Real Estate and Repossessed Assets

(3) Other Real Estate and Repossessed Assets

		September 30,				December 31,
(in thousands)		2018				2017
Commercial		$	697			$	727
Real estate construction - residential			179				0
Real estate construction - commercial			12,101				12,380
Real estate mortgage - residential			464				382
Real estate mortgage - commercial			2,934				2,909
Repossessed assets			0				5
Total		$	16,375			$	16,403
Less valuation allowance for other real estate owned			(3,002	)			(3,221	)
Total other real estate and repossessed assets		$	13,373			$	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 September 30,								Nine Months Ended September 30,
		2018				2017				2018				2017
Balance at beginning of period		$	16,258			$	16,530			$	16,403			$	17,291
Additions			207				62				589				217
Proceeds from sales			(68	)			(217	)			(372	)			(1,001	)
Charge-offs against the valuation allowance for other real estate owned, net			(20	)			0				(245	)			(170	)
Net gain on sales			(2	)			4				0				42
Total other real estate and repossessed assets		$	16,375			$	16,379			$	16,375			$	16,379
Less valuation allowance for other real estate owned			(3,002	)			(3,202	)			(3,002	)			(3,202	)
Balance at end of period		$	13,373			$	13,177			$	13,373			$	13,177

At September 30, 2018, $253,000 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 September 30,								Nine Months Ended September 30,
(in thousands)		2018				2017				2018				2017
Balance, beginning of period		$	3,022			$	3,174			$	3,221			$	3,129
Provision for other real estate owned			0				28				26				243
Charge-offs			(20	)			0				(245	)			(170	)
Balance, end of period		$	3,002			$	3,202			$	3,002			$	3,202

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