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Other Real Estate and Repossessed Assets Acquired in Settlement of Loans
 9 Months Ended
Sep. 30, 2019
Other Real Estate and Repossessed Assets Acquired in Settlement of Loans  
Other Real Estate and Repossessed Assets Acquired in Settlement of Loans

(3)   Other Real Estate Acquired in Settlement of Loans

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

(in thousands)

 

2019

    

2018

Commercial

 

$

1,155

 

$

1,168

Real estate construction - residential

 

 

 —

 

 

179

Real estate construction - commercial

 

 

11,553

 

 

12,101

Real estate mortgage - residential

 

 

286

 

 

336

Real estate mortgage - commercial

 

 

2,871

 

 

2,909

Total

 

$

15,865

 

$

16,693

Less valuation allowance for other real estate owned

 

 

(2,987)

 

 

(3,002)

Total other real estate owned

 

$

12,878

 

$

13,691

 

Changes in the net carrying amount of other real estate owned were as follows for the periods indicated:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

 

 

    

2019

    

2018

    

2019

    

2018

 

Balance at beginning of period

 

$

16,066

 

$

16,453

 

$

16,693

 

$

16,598

 

Additions

 

 

68

 

 

207

 

 

411

 

 

589

 

Proceeds from sales

 

 

(352)

 

 

(68)

 

 

(1,277)

 

 

(372)

 

Charge-offs against the valuation allowance for other real estate owned, net

 

 

 —

 

 

(20)

 

 

(64)

 

 

(245)

 

Net gain (loss) on sales

 

 

83

 

 

(2)

 

 

102

 

 

 —

 

Total other real estate owned

 

$

15,865

 

$

16,570

 

$

15,865

 

$

16,570

 

Less valuation allowance for other real estate owned

 

 

(2,987)

 

 

(3,002)

 

 

(2,987)

 

 

(3,002)

 

Balance at end of period

 

$

12,878

 

$

13,568

 

$

12,878

 

$

13,568

 

 

At September 30, 2019, $252,000 of consumer mortgage loans secured by residential real estate properties were in the process of foreclosure compared to $200,000 of consumer mortgage loans at December 31, 2018.

Activity in the valuation allowance for other real estate owned was as follows for the periods indicated:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

 

(in thousands)

    

2019

    

2018

    

2019

    

2018

 

Balance, beginning of period

 

$

2,956

 

$

3,022

 

$

3,002

 

$

3,221

 

Provision for other real estate owned

 

 

31

 

 

 —

 

 

49

 

 

26

 

Charge-offs

 

 

 —

 

 

(20)

 

 

(64)

 

 

(245)

 

Balance, end of period

 

$

2,987

 

$

3,002

 

$

2,987

 

$

3,002