Annual report pursuant to Section 13 and 15(d)

OTHER REAL ESTATE OWNED

v3.3.1.900
OTHER REAL ESTATE OWNED
 12 Months Ended
Dec. 31, 2015
DisclosureOtherRealEstateOwnedAbstract  
OTHER REAL ESTATE OWNED

Note 6

OTHER REAL ESTATE OWNED

 

The following table presents other real estate owned activity as of December 31,

 

(Dollars in Thousands)   2015     2014     2013  
Beginning Balance   $ 35,680     $ 48,071     $ 53,426  
Additions     5,752       15,271       24,488  
Valuation Write-Downs     (1,713 )     (3,142 )     (3,592 )
Sales     (20,155 )     (23,791 )     (25,940 )
Other     (274 )     (729 )     (311 )
Ending Balance   $ 19,290     $ 35,680     $ 48,071  

 

Net expenses applicable to other real estate owned as of December 31, was as follows:

 

(Dollars in Thousands)   2015     2014     2013  
Gains from the Sale of Properties   $ (938 )   $ (774 )   $ (1,306 )
Losses from the Sale of Properties     2,169       2,094       2,287  
Rental Income from Properties     (250 )     (523 )     (293 )
Property Carrying Costs     2,277       2,872       3,954  
Valuation Adjustments     1,713       3,142       3,592  
Total   $ 4,971     $ 6,811     $ 8,234  

 

As of December 31, 2015, the Company had $2.2 million of loans secured by residential real estate in the process of foreclosure.