Annual report pursuant to Section 13 and 15(d)

FORECLOSED PROPERTIES

v3.6.0.2
FORECLOSED PROPERTIES
 12 Months Ended
Dec. 31, 2016
Foreclosed Properties [Abstract]  
FORECLOSED PROPERTIES
NOTE 5.
FORECLOSED PROPERTIES
 
Other real estate and certain other assets acquired in foreclosure are carried at the lower of the recorded investment in the loan or fair value less estimated costs to sell the property.
 
Residential real estate loan foreclosures classified as OREO totaled $189,000 and $1,141,000 as of December 31, 2016 and 2015, respectively.
 
No residential real estate loans were in the process of being foreclosed as of December 31, 2016.
 
An analysis of foreclosed properties for the years ended December 31, 2016, 2015 and 2014 follows:
 
 
 
2016
 
2015
 
2014
 
 
 
(In Thousands)
 
Balance at beginning of year
 
$
5,392
 
$
6,840
 
$
12,861
 
OREO acquired
 
 
-
 
 
2,348
 
 
-
 
Transfers from loans and capitalized expenses
 
 
4,112
 
 
2,210
 
 
2,417
 
Foreclosed properties sold
 
 
(3,931)
 
 
(5,227)
 
 
(7,214)
 
Writedowns and partial liquidations
 
 
(585)
 
 
(779)
 
 
(1,224)
 
Balance at end of year
 
$
4,988
 
$
5,392
 
$
6,840