| Other Real Estate Owned |
NOTE
4 OTHER REAL ESTATE OWNED
The following
table presents other real estate owned activity for the periods indicated.
| |
|
Three
Months Ended June 30, |
|
Six
Months Ended June 30, |
| (Dollars
in Thousands) |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
| Beginning Balance |
|
$ |
33,835 |
|
|
$ |
44,036 |
|
|
$ |
35,680 |
|
|
$ |
48,071 |
|
| Additions |
|
|
1,088 |
|
|
|
7,977 |
|
|
|
2,830 |
|
|
|
9,267 |
|
| Valuation Write-downs |
|
|
(505 |
) |
|
|
(822 |
) |
|
|
(1,306 |
) |
|
|
(1,552 |
) |
| Sales |
|
|
(4,026 |
) |
|
|
(8,612 |
) |
|
|
(6,763 |
) |
|
|
(13,207 |
) |
| Other |
|
|
(225 |
) |
|
|
|
|
|
|
(274 |
) |
|
|
|
|
| Ending Balance |
|
$ |
30,167 |
|
|
$ |
42,579 |
|
|
$ |
30,167 |
|
|
$ |
42,579 |
|
Net expenses
applicable to other real estate owned include the following:
| |
|
Three
Months Ended June 30, |
|
Six
Months Ended June 30, |
| (Dollars
in Thousands) |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
| Gains from the Sale of Properties |
|
$ |
(534 |
) |
|
$ |
(88 |
) |
|
$ |
(655 |
) |
|
$ |
(334 |
) |
| Losses from the Sale of Properties |
|
|
348 |
|
|
|
808 |
|
|
|
658 |
|
|
|
1,164 |
|
| Rental Income from Properties |
|
|
(43 |
) |
|
|
(62 |
) |
|
|
(231 |
) |
|
|
(275 |
) |
| Property Carrying Costs |
|
|
655 |
|
|
|
795 |
|
|
|
1,350 |
|
|
|
1,567 |
|
| Valuation Adjustments |
|
|
505 |
|
|
|
823 |
|
|
|
1,306 |
|
|
|
1,553 |
|
| Total |
|
$ |
931 |
|
|
$ |
2,276 |
|
|
$ |
2,428 |
|
|
$ |
3,675 |
|
As of June
30, 2015, the Company had $3.1 million of loans secured by residential real estate in the process of foreclosure.
|