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OTHER REAL ESTATE OWNED
 12 Months Ended
Dec. 31, 2015
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, 2015 and 2014:

 

 

 

 

 

 

2015

 

2014

 

(In thousands)

Balance at beginning of year

$         33,984

 

$        69,338

Additions to foreclosed properties

 

 

 

New foreclosed properties

 7,422 

 

 14,732 

Reductions in foreclosed properties

 

 

 

Sales

 (20,649)

 

 (42,013)

Writedowns

 (5,998)

 

 (8,073)

Balance at end of year

$         14,759

 

$        33,984

 

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, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Panhandle

 

Arkansas

 

Louisiana

 

Mississippi

 

Missouri

 

Tennessee

 

Texas

 

Other

 

Total

 

 

(In thousands)

 

 

Commercial and industrial

$

 84 

$

 -

$

 -

$

 -

$

 -

$

 -

$

 -

$

 -

$

 84 

Real estate

 

 

 

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

Consumer mortgages

 

 167 

 

 191 

 

 -

 

 1,786 

 

 173 

 

 156 

 

 4 

 

 -

 

 2,477 

Home equity

 

 -

 

 -

 

 -

 

 101 

 

 -

 

 -

 

 -

 

 -

 

 101 

Agricultural

 

 -

 

 -

 

 -

 

 25 

 

 -

 

 -

 

 -

 

 -

 

 25 

Commercial and industrial-owner
occupied

 

 61 

 

 -

 

 -

 

 568 

 

 -

 

 385 

 

 60 

 

 -

 

 1,074 

Construction, acquisition and development

 

 2,305 

 

 168 

 

 130 

 

 6,033 

 

 -

 

 1,576 

 

 -

 

 -

 

 10,212 

Commercial real estate

 

 170 

 

 108 

 

 -

 

 210 

 

 127 

 

 -

 

 63 

 

 -

 

 678 

All other

 

 -

 

 -

 

 -

 

 90 

 

 -

 

 -

 

 18 

 

 -

 

 108 

    Total

$

 2,787 

$

 467 

$

 130 

$

 8,813 

$

 300 

$

 2,117 

$

 145 

$

 -

$

 14,759 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Company incurred total foreclosed property expenses of $7.4 million, $17.1 million and $11.7 million in 2015, 2014 and 2013, respectively.  Realized net losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were $5.7 million, $14.5 million and $7.4 million in 2015, 2014 and 2013, respectively.