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Real Estate Owned
 12 Months Ended
Mar. 31, 2015
Notes  
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,

 

 

2015

 

2014

 

2013

 

Balance at beginning of year, net

$

7,703

 

$

15,638

 

$

18,731

 

Additions

 

1,512

 

 

6,564

 

 

14,207

 

Dispositions

 

(6,897

)

 

(12,443

)

 

(12,326

)

Writedowns

 

(715

)

 

(2,056

)

 

(4,974

)

Balance at end of year, net

$

1,603

 

$

7,703

 

$

15,638

 

 

REO expenses for the year ended March 31, 2015 consisted of write-downs on existing REO properties of $715,000 and operating expenses of $279,000. Net losses on dispositions of REO totaled $80,000 for the year ended March 31, 2015, and were included in other non-interest income in the accompanying Consolidated Statements of Income. REO expenses for the year ended March 31, 2014 consisted of write-downs on existing REO properties of $2.1 million, operating expenses of $709,000 and net losses on dispositions of REO of $245,000. REO expenses for the year ended March 31, 2013 consisted of write-downs on existing REO properties of $5.0 million, operating expenses of $807,000 and net losses on dispositions of REO of $384,000.