Note 9 - Foreclosed Real Estate and Repossessed Personal Property

12 Months Ended

Dec. 31, 2014

Foreclosed Real Estate And Repossessed Personal Property [Abstract]

Foreclosed Real Estate And Repossessed Personal Property [Text Block]

9. Foreclosed Real Estate and Repossessed Personal Property

Composition

The following table summarizes foreclosed real estate and repossessed personal property at the dates indicated (in thousands).

	December 31,
	2014		2013
Foreclosed real estate	$	5,949	$	7,502
Repossessed personal property		35		43
Total foreclosed real estate and repossessed personal property	$	5,984	$	7,545

Included in foreclosed real estate at December 31, 2014 were 56 residential lots with an aggregate net book value of $4.7 million, in three separate communities related to one real estate development. At December 31, 2014, two lots with a carrying value of $405 thousand were under contract for sale and closed during January 2015 at prices above carrying value.

Foreclosed Real Estate Activity

The following table summarizes changes in foreclosed real estate at the dates and for the periods indicated (in thousands).

	At and for the years ended December 31,
	2014			2013			2012
Foreclosed real estate, beginning of period	$	7,502		$	10,911		$	27,663
Plus: new foreclosed real estate		2,312			2,541			5,389
Less: proceeds from sale of foreclosed real estate		(2,521	)		(2,973	)		(13,524	)
Plus: gain on sale of foreclosed real estate		386			142			729
Less: writedowns and losses charged to expense		(1,730	)		(3,119	)		(9,346	)
Foreclosed real estate, end of period	$	5,949		$	7,502		$	10,911