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Other Real Estate and Repossessed Assets Acquired in Settlement of Loans

3 Months Ended

Mar. 31, 2019

Other Real Estate and Repossessed Assets Acquired in Settlement of Loans

Other Real Estate and Repossessed Assets Acquired in Settlement of Loans

(3)   Other Real Estate Acquired in Settlement of Loans

		March 31,			December 31,
(in thousands)		2019			2018
Commercial		$	1,168		$	1,168
Real estate construction - residential			—			179
Real estate construction - commercial			11,999			12,101
Real estate mortgage - residential			453			336
Real estate mortgage - commercial			2,909			2,909
Total		$	16,529		$	16,693
Less valuation allowance for other real estate owned			(2,992)			(3,002)
Total other real estate owned		$	13,537		$	13,691

Changes in the net carrying amount of other real estate owned were as follows for the periods indicated:

		Three Months Ended March 31,
		2019			2018
Balance at beginning of period		$	16,693		$	16,403
Additions			116			278
Proceeds from sales			(248)			(224)
Charge-offs against the valuation allowance for other real estate owned, net			(38)			(195)
Net gain on sales			6			2
Total other real estate owned		$	16,529		$	16,264
Less valuation allowance for other real estate owned			(2,992)			(3,025)
Balance at end of period		$	13,537		$	13,239

At March 31, 2019, $263,000 of consumer mortgage loans secured by residential real estate properties were in the process of foreclosure compared to $200,000 of consumer mortgage loans at December 31, 2018.

Activity in the valuation allowance for other real estate owned was as follows for the periods indicated:

		Three Months Ended March 31,
(in thousands)		2019			2018
Balance, beginning of period		$	3,002		$	3,221
Provision for other real estate owned			28			(1)
Charge-offs			(38)			(195)
Balance, end of period		$	2,992		$	3,025

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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

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-Publisher FASB
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-Topic 360
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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