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OTHER REAL ESTATE OWNED
 12 Months Ended
Dec. 31, 2014
OTHER REAL ESTATE OWNED [Abstract]  
OTHER REAL ESTATE OWNED

(7)  OTHER REAL ESTATE OWNED

The following table presents the activity in OREO for the years ended December 31, 2014 and 2013:

 

 

 

 

 

 

2014

 

2013

 

(In thousands)

Balance at beginning of year

$         69,338

 

$      103,248

Additions to foreclosed properties

 

 

 

New foreclosed property
14,732 

 
29,265 

Reductions in foreclosed properties

 

 

 

Sales
(42,013)

 
(57,057)

Writedowns
(8,073)

 
(6,118)

Balance at end of year

$         33,984

 

$        69,338

 

Substantially all of these amounts related to construction, acquisition and development projects that were either completed or were in various stages of construction during the year presented.  The following table presents the OREO by geographical location and collateral type at December 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama and

 

 

 

 

 

 

 

Greater

 

 

 

Texas

 

 

 

 

 

 

Florida

 

 

 

 

 

 

 

Memphis

 

 

 

and

 

 

 

 

 

 

Panhandle

 

Arkansas*

 

Mississippi*

 

Missouri

 

Area

 

Tennessee*

 

Louisiana

 

Other

 

Total

 

 

(In thousands)

 

 

Commercial and industrial

$
84 

$

 -

$

 -

$

 -

$

 -

$

 -

$

 -

$

 -

$
84 

Real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer mortgages

 
309 

 
97 

 
1,181 

 

 -

 

 -

 
198 

 
509 

 

 -

 
2,294 

Home equity

 
24 

 

 -

 
188 

 

 -

 

 -

 

 -

 

 -

 

 -

 
212 

Agricultural

 

 -

 

 -

 
25 

 

 -

 

 -

 

 -

 

 -

 

 -

 
25 

Commercial and industrial-owner
occupied

 

 -

 

 -

 
1,162 

 

 -

 
223 

 

 -

 
60 

 

 -

 
1,445 

Construction, acquisition and development

 
7,302 

 
84 

 
9,182 

 

 -

 
9,178 

 
1,798 

 
196 

 

 -

 
27,740 

Commercial real estate

 
1,000 

 
256 

 
767 

 

 -

 

 -

 

 -

 
63 

 

 -

 
2,086 

All other

 

 -

 

 -

 
98 

 

 -

 

 -

 

 -

 

 -

 

 -

 
98 

    Total

$
8,719 

$
437 

$
12,603 

$

 -

$
9,401 

$
1,996 

$
828 

$

 -

$
33,984 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*  Excludes the Greater Memphis Area

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Company incurred total foreclosed property expenses of $17.1 million, $11.7 million and $39.4 million in 2014, 2013 and 2012, respectively.  Realized net losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were $14.5 million, $7.4 million and $30.2 million in 2014, 2013 and 2012, respectively.