| 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 September 30, |
|
Nine
Months Ended September 30, |
| (Dollars
in Thousands) |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
| Beginning Balance |
|
$ |
30,167 |
|
|
$ |
42,579 |
|
|
$ |
35,680 |
|
|
$ |
48,071 |
|
| Additions |
|
|
1,242 |
|
|
|
2,854 |
|
|
|
4,072 |
|
|
|
12,121 |
|
| Valuation Write-downs |
|
|
(269 |
) |
|
|
(664 |
) |
|
|
(1,575 |
) |
|
|
(2,216 |
) |
| Sales |
|
|
(5,921 |
) |
|
|
(2,693 |
) |
|
|
(12,684 |
) |
|
|
(15,900 |
) |
| Other |
|
|
|
|
|
|
(350 |
) |
|
|
(274 |
) |
|
|
(350 |
) |
| Ending Balance |
|
$ |
25,219 |
|
|
$ |
41,726 |
|
|
$ |
25,219 |
|
|
$ |
41,726 |
|
Net expenses
applicable to other real estate owned include the following:
| |
|
Three
Months Ended September 30, |
|
Nine
Months Ended September 30, |
| (Dollars
in Thousands) |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
| Gains from the Sale of Properties |
|
$ |
(31 |
) |
|
$ |
(107 |
) |
|
$ |
(686 |
) |
|
$ |
(441 |
) |
| Losses from the Sale of Properties |
|
|
591 |
|
|
|
483 |
|
|
|
1,249 |
|
|
|
1,648 |
|
| Rental Income from Properties |
|
|
(13 |
) |
|
|
(81 |
) |
|
|
(244 |
) |
|
|
(356 |
) |
| Property Carrying Costs |
|
|
486 |
|
|
|
824 |
|
|
|
1,836 |
|
|
|
2,391 |
|
| Valuation Adjustments |
|
|
269 |
|
|
|
664 |
|
|
|
1,575 |
|
|
|
2,216 |
|
| Total |
|
$ |
1,302 |
|
|
$ |
1,783 |
|
|
$ |
3,730 |
|
|
$ |
5,458 |
|
As of September
30, 2015, the Company had $2.1 million of loans secured by residential real estate in the process of foreclosure.
|