Annual report pursuant to Section 13 and 15(d)

FORECLOSED PROPERTIES

v3.3.1.900
FORECLOSED PROPERTIES
 12 Months Ended
Dec. 31, 2015
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 $1,141,000 and $684,000 as of December 31, 2015 and 2014, respectively.
 
No residential real estate loans were in the process of being foreclosed as of December 31, 2015.
 
An analysis of foreclosed properties for the years ended December 31, 2015, 2014 and 2013 follows:
 
 
 
2015
 
2014
 
2013
 
 
 
(In Thousands)
 
Balance at beginning of year
 
$
6,840
 
$
12,861
 
$
9,685
 
OREO acquired
 
 
2,348
 
 
-
 
 
-
 
Transfers from loans and capitalized expenses
 
 
2,210
 
 
2,417
 
 
11,355
 
Foreclosed properties sold
 
 
(5,227)
 
 
(7,214)
 
 
(7,664)
 
Writedowns and partial liquidations
 
 
(779)
 
 
(1,224)
 
 
(515)
 
Balance at end of year
 
$
5,392
 
$
6,840
 
$
12,861