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OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS
9 Months Ended
Sep. 30, 2016
Real Estate [Abstract]  
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS

 

7.

OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS

Real estate owned and other repossessed assets at September 30, 2016 and December 31, 2015 were as follows:

 

 

September 30, 2016

 

 

December 31, 2015

 

 

(Dollars in thousands)

 

Real estate owned and other repossessed assets

$

2,796

 

 

$

3,956

 

Valuation allowance

 

(1,003

)

 

 

(1,229

)

End of period

$

1,793

 

 

$

2,727

 

 

Activity in the valuation allowance was as follows:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30, 2016

 

 

September 30, 2015

 

 

September 30, 2016

 

 

September 30, 2015

 

 

(Dollars in thousands)

 

Beginning of period

$

1,001

 

 

$

1,195

 

 

$

1,229

 

 

$

1,423

 

Additions charged to expense

 

1

 

 

 

39

 

 

 

(25

)

 

 

162

 

Reductions due to sales

 

1

 

 

 

(44

)

 

 

(201

)

 

 

(395

)

End of period

$

1,003

 

 

$

1,190

 

 

$

1,003

 

 

$

1,190

 

 

Expenses related to foreclosed and repossessed assets include:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30, 2016

 

 

September 30, 2015

 

 

September 30, 2016

 

 

September 30, 2015

 

 

(Dollars in thousands)

 

Net (gain) loss on sales

$

(1

)

 

$

80

 

 

$

101

 

 

$

149

 

Provision for unrealized losses, net

 

1

 

 

 

39

 

 

 

(25

)

 

 

162

 

Operating expenses, net of rental income

 

41

 

 

 

134

 

 

 

190

 

 

 

293

 

Total expenses

$

41

 

 

$

253

 

 

$

266

 

 

$

604