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Real Estate Owned | 12 Months Ended
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Dec. 31, 2014
Real Estate Owned |
Real Estate Owned | Note 6—Real Estate Owned Real estate owned, net at December 31, 2014 and 2013 were as follows:
|  | December 31, |
|  | 2014 |  | 2013 |
|  | (In thousands) |
Commercial real estate |  | $ | — |  | $ | 173 |
Church |  |  | 2,082 |  |  | 2,045 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross real estate owned |  |  | 2,082 |  |  | 2,218 |
Less valuation allowance |  |  | — |  |  | (134 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate owned, net |  | $ | 2,082 |  | $ | 2,084 |
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Real estate owned activity was as follows:
|  | 2014 |  | 2013 |
|  | (In thousands) |
Beginning balance |  | $ | 2,218 |  | $ | 8,709 |
Loans transferred to real estate owned |  |  | 3,314 |  |  | 3,041 |
Direct write-downs |  |  | (591 | ) |  | (1,002 | )
Sales of real estate owned |  |  | (2,859 | ) |  | (8,530 | )
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Ending balance |  | $ | 2,082 |  | $ | 2,218 |
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Activity in the valuation allowance was as follows:
|  | 2014 |  | 2013 |
|  | (In thousands) |
Beginning valuation allowance |  | $ | (134 | ) | $ | (546 | )
Additions charged to expense |  |  | (457 | ) |  | (590 | )
Direct write-downs |  |  | 591 |  |  | 1,002 |
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Ending valuation allowance |  | $ | — |  | $ | (134 | )
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Expenses related to foreclosed assets include:
|  | 2014 |  | 2013 |
|  | (In thousands) |
Net gains on sales |  | $ | (12 | ) | $ | (112 | )
Provision for losses |  |  | 457 |  |  | 590 |
Operating expenses |  |  | 127 |  |  | 301 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total net expenses |  | $ | 572 |  | $ | 779 |
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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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28367877&loc=d3e4437-111522 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.10(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18511-111553 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 43 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18551-111553 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224 + Details
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