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OTHER REAL ESTATE OWNED
 3 Months Ended
Jun. 30, 2015
OTHER REAL ESTATE OWNED [Abstract]  
OTHER REAL ESTATE OWNED

NOTE 4 – OTHER REAL ESTATE OWNED

 

The following table presents the activity in other real estate owned (“OREO”) for the periods indicated:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended

 

Year ended

 

 

June 30,

 

December 31,

 

 

2015

 

2014

 

2014

 

 

 

 

 

 

 

 

 

(In thousands)

Balance at beginning of period

 

$        33,984

 

$     69,338

 

$           69,338

Additions to foreclosed properties

 

 

 

 

 

 

New foreclosed properties

 
4,534 

 
8,999 

 
14,732 

Reductions in foreclosed properties

 

 

 

 

 

 

Sales

 
(11,010)

 
(19,036)

 
(42,013)

Writedowns

 
(3,209)

 
(4,048)

 
(8,073)

Balance at end of period

 

$        24,299

 

$     55,253

 

$           33,984

  

The following tables present the OREO by geographical location, segment and class as of the dates indicated:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2015

 

 

Alabama

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and Florida

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Panhandle

 

Arkansas

 

Louisiana

 

Mississippi

 

Missouri

 

Tennessee

 

Texas

 

Other

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

Commercial and industrial

 

$           84

 

$            -

 

$           -

 

$          -

 

$          -

 

$            -

 

$          -

 

$          -

 

$          84

 

 

Real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer mortgages

 
213 

 
30 

 
25 

 
1,599 

 

 -

 
71 

 
110 

 

 -

 
2,048 

 

 

Home equity

 

 -

 

 -

 

 -

 
101 

 

 -

 

 -

 

 -

 

 -

 
101 

 

 

Agricultural

 

 -

 

 -

 

 -

 
25 

 

 -

 

 -

 

 -

 

 -

 
25 

 

 

Commercial and industrial-owner occupied

 
260 

 

 -

 

 -

 
587 

 

 -

 
307 

 
60 

 

 -

 
1,214 

 

 

Construction, acquisition and development

 
3,887 

 
84 

 
130 

 
13,165 

 

 -

 
2,373 

 

 -

 

 -

 
19,639 

 

 

Commercial real estate

 
170 

 

 -

 

 -

 
714 

 

 -

 
122 

 
63 

 

 -

 
1,069 

 

 

All other

 

 -

 
21 

 

 -

 
98 

 

 -

 

 -

 

 -

 

 -

 
119 

 

 

Total

 

$      4,614

 

$       135

 

$      155

 

$ 16,289

 

$          -

 

$    2,873

 

$     233

 

$          -

 

$   24,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

Alabama

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and Florida

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Panhandle

 

Arkansas

 

Louisiana

 

Mississippi

 

Missouri

 

Tennessee

 

Texas

 

Other

 

Total

 

 

 

 

(In thousands)

 

 

Commercial and industrial

 

$           84

 

$            -

 

$           -

 

$          -

 

$          -

 

$            -

 

$          -

 

$          -

 

$          84

 

 

Real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Consumer mortgages

 
309 

 
97 

 
470 

 
1,181 

 

 -

 
198 

 
39 

 

 -

 
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 

 
140 

 
17,152 

 

 -

 
3,006 

 
56 

 

 -

 
27,740 

 

 

Commercial real estate

 
1,000 

 
256 

 

 -

 
646 

 

 -

 
121 

 
63 

 

 -

 
2,086 

 

 

All other

 

 -

 

 -

 

 -

 
98 

 

 -

 

 -

 

 -

 

 -

 
98 

 

 

    Total

 

$      8,719

 

$       437

 

$      610

 

$ 20,452

 

$          -

 

$    3,548

 

$     218

 

$          -

 

$   33,984

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2014

 

 

Alabama

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and Florida

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Panhandle

 

Arkansas

 

Louisiana

 

Mississippi

 

Missouri

 

Tennessee

 

Texas

 

Other

 

Total

 

 

 

 

(In thousands)

 

 

Commercial and industrial

 

$           84

 

$            -

 

$           -

 

$          -

 

$          -

 

$            -

 

$          -

 

$          -

 

$          84

 

 

Real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Consumer mortgages

 
979 

 
223 

 

 -

 
1,999 

 
29 

 
117 

 
5 

 

 -

 
3,352 

 

 

  Home equity

 

 -

 

 -

 

 -

 
370 

 

 

 

 -

 

 -

 

 -

 
370 

 

 

  Agricultural

 

 -

 

 -

 

 -

 
216 

 

 

 
462 

 

 -

 

 -

 
678 

 

 

Commercial and industrial-owner occupied

 

 -

 
33 

 

 -

 
2,645 

 

 

 
722 

 
60 

 

 -

 
3,460 

 

 

Construction, acquisition and development

 
11,084 

 
91 

 
239 

 
24,817 

 
794 

 
6,491 

 

 -

 

 -

 
43,516 

 

 

Commercial real estate

 
352 

 
288 

 

 -

 
1,771 

 

 

 
1,102 

 

 -

 

 -

 
3,513 

 

 

All other

 

 -

 

 -

 

 -

 
148 

 

 

 
38 

 
94 

 

 -

 
280 

 

 

    Total

 

$    12,499

 

$       635

 

$      239

 

$ 31,966

 

$     823

 

$    8,932

 

$     159

 

$          -

 

$   55,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Company incurred total foreclosed property expenses of $1.6 million and $4.2 million for the three months ended June 30, 2015 and 2014, respectively.  Realized net losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were $1.2 million and $3.2 million for the three months ended June 30, 2015 and 2014, respectively.   The Company incurred total foreclosed property expenses of $3.6 million and $6.8 million for the six months ended June 30, 2015 and 2014, respectively.  Realized net losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were $2.6 million and $5.6 million for the six months ended June 30, 2015 and 2014, respectively.