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8. Real Estate Owned
 12 Months Ended
Mar. 31, 2013
Notes  
8. Real Estate Owned

8.     REAL ESTATE OWNED

 

 

The following table is a summary of the activity in REO for the periods indicated (in thousands):

 

 

 

Year Ended March 31,

 

 

2013

 

2012

 

2011

 

Balance at beginning of year, net

$

18,731

 

$

27,590

 

$

13,325

 

Additions

 

14,207

 

 

7,050

 

 

22,822

 

Dispositions

 

(12,326)

 

 

(11,671)

 

 

(7,633)

 

Writedowns

 

(4,974)

 

 

(4,238)

 

 

(924)

 

Balance at end of year, net

$

15,638

 

$

18,731

 

$

27,590

 

 

 

 

REO expenses for the year ended March 31, 2013 consisted of write-downs on existing REO properties of $5.0 million and operating expenses of $807,000. Net losses on dispositions of REO totaled $384,000 for the year ended March 31, 2013, and were included in other non-interest income in the accompanying Consolidated Statements of Operations.  REO expenses for the year ended March 31, 2012 consisted of write-downs on existing REO properties of $4.2 million, operating expenses of $859,000 and net losses on dispositions of REO totaled $556,000. REO expenses for the year ended March 31, 2011 consisted of write-downs on existing REO properties of $924,000, operating expenses of $893,000 and net gains on dispositions of REO of $386,000.