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OTHER REAL ESTATE OWNED
 6 Months Ended
Jun. 30, 2016
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,



 

2016

 

2015

 

2015



 

 

 

 

 

 



 

(In thousands)

Balance at beginning of period

 

$        14,759

 

$     33,984

 

$           33,984

Additions to foreclosed properties

 

 

 

 

 

 

New foreclosed properties

 

 7,874 

 

 4,534 

 

 7,422 

Reductions in foreclosed properties

 

 

 

 

 

 

Sales including realized gains and losses, net

 

 (6,505)

 

 (11,010)

 

 (20,649)

Writedowns

 

 (1,470)

 

 (3,209)

 

 (5,998)

Balance at end of period

 

$        14,658

 

$     24,299

 

$           14,759





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









 

 

 

 

 

 



 

 

 

 

 

 



 

June 30,

 

December 31,



 

2016

 

2015

 

2015



(In thousands)



 

 

 

 

 

 

Commercial and industrial

 

$               74

 

$             84

 

$               84

Real estate

 

 

 

 

 

 

Consumer mortgages

 

 2,109 

 

 2,048 

 

 2,477 

Home equity

 

 654 

 

 101 

 

 101 

Agricultural

 

 25 

 

 25 

 

 25 

Commercial and industrial-owner occupied

 

 1,272 

 

 1,214 

 

 1,074 

Construction, acquisition and development

 

 8,051 

 

 19,639 

 

 10,212 

Commercial real estate

 

 2,312 

 

 1,069 

 

 678 

All other

 

 161 

 

 119 

 

 108 

Total

 

$        14,658

 

$      24,299

 

$        14,759



The Company incurred total foreclosed property expenses of $1.3 million and $1.6 million for the three months ended June 30, 2016 and 2015, respectively.  Realized net losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were approximately $886,000 and $1.2 million for the three months ended June 30, 2016 and 2015, respectively.   The Company incurred total foreclosed property expenses of $2.5 million and $3.6 million for the six months ended June 30, 2016 and 2015, respectively.  Realized net losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were $1.7 million and $2.6 million for the six months ended June 30, 2016 and 2015, respectively.