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Real Estate Owned
 12 Months Ended
Mar. 31, 2016
Notes  
Real Estate Owned

7.       REAL ESTATE OWNED

 

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

 

 

Year Ended March 31,

 

 

2016

 

2015

 

2014

 

Balance at beginning of year, net

$

1,603

 

$

7,703

 

$

15,638

 

Additions

 

298

 

 

1,512

 

 

6,564

 

Dispositions

 

(937

)

 

(6,897

)

 

(12,443

)

Writedowns

 

(369

)

 

(715

)

 

(2,056

)

Balance at end of year, net

$

595

 

$

1,603

 

$

7,703

 

 

REO expenses for the year ended March 31, 2016 consisted of write-downs on existing REO properties of $369,000 and operating expenses of $198,000. Net losses on dispositions of REO totaled $187,000 for the year ended March 31, 2016, and were included in other non-interest income in the accompanying consolidated statements of income. REO expenses for the year ended March 31, 2015 consisted of write-downs on existing REO properties of $715,000, operating expenses of $279,000 and net losses on dispositions of REO were $80,000. 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 were $245,000.

 

At March 31, 2016, the carrying amount of foreclosed residential real estate properties held in REO as a result of obtaining physical possession was $298,000, and at that date, the recorded investment in consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $113,000.