XML 23 R13.htm IDEA: XBRL DOCUMENT v3.4.0.3
Note 7 - Other Real Estate Owned
 3 Months Ended
Mar. 31, 2016
Notes to Financial Statements  
Real Estate Owned [Text Block]
7.
OTHER REAL ESTATE OWNED
 
Other real estate and certain other assets acquired in foreclosure are reported at the lower of the investment in the loan or the fair value of the property, less estimated costs to sell. The following table summarizes foreclosed property activity as of the
three months ended March 31, 2016 and 2015:
 
   
March 31
, 201
6
  
   
FUSB
    
ALC
    
Total
  
   
(Dollars in Thousands)
  
Beginning balance
   $ 5,327     $ 711     $ 6,038  
Transfers from loans
     —       18       18  
Sales proceeds
     (609
)
     (77
)
     (686
)
Gross gains
     —       25       25  
Gross losses
     (16
)
     —
 
     (16
)
Net gains (losses)
     (16
)
     25
 
     9
 
Impairment
    
—
 
     (23
)
     (23
)
Ending balance
   $ 4,702     $ 654     $ 5,356  
 
   
March 31
, 201
5
  
   
FUSB
    
ALC
    
Total
  
   
(Dollars in Thousands)
  
Beginning balance
   $ 6,997     $ 738     $ 7,735  
Transfers from loans
     995       63       1,058  
Sales proceeds
     (40
)
     (66
)
     (106
)
Gross gains
     —       —       —  
Gross losses
     (3
)
     (46
)
     (49
)
Net gains (losses)
     (3
)
     (46
)
     (49
)
Impairment
     —       (30
)
     (30
)
Ending balance
   $ 7,949     $ 659     $ 8,608  
 
Valuation adjustments are recorded in other non-interest expense and are primarily post-foreclosure write-downs that are a result of continued declining property values based on updated appraisals or other indications of value, such as offers to purchase.
Fair value less estimated cost to sell of foreclosed residential real estate held by the Company was $1.2 million and $1.1 million as of March 31, 2016 and 2015, respectively. In addition, the Company held $0.3 million and $0.2 million in consumer mortgage loans collateralized by residential real estate that were in the process of foreclosure as of March 31, 2016 and December 31, 2015, respectively.