Other Real Estate and Repossessed Assets

9 Months Ended

Sep. 30, 2014

Other Real Estate [Abstract]

Other Real Estate and Repossessed Assets

(3) Other Real Estate and Repossessed Assets

	September 30,			December 31,
(in thousands)	2014			2013
Real estate construction - residential	$	16		$	114
Real estate construction - commercial		9,831			10,020
Real estate mortgage - residential		374			830
Real estate mortgage - commercial		5,498			8,537
Repossessed assets		1			41
Total	$	15,720		$	19,542
Less valuation allowance for other real estate owned		(3,282	)		(4,675	)
Total other real estate and repossessed assets	$	12,438		$	14,867

Changes in the net carrying amount of other real estate and foreclosed assets during the periods indicated were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Balance at beginning of period	$	15,231		$	21,977		$	19,542		$	29,729
Additions		1,512			308			1,817			3,278
Proceeds from sales		(821	)		(1,348	)		(3,945	)		(7,581	)
Charge-offs against the valuation allowance for other real estate owned		(199	)		(93	)		(1,843	)		(4,416	)
Repossessed assets impairment write-downs		0			(39	)		0			(239	)
Net (loss) gain on sales		(3	)		(185	)		149			(151	)
Total other real estate and repossessed assets	$	15,720		$	20,620		$	15,720		$	20,620
Less valuation allowance for other real estate owned		(3,282	)		(4,752	)		(3,282	)		(4,752	)
Balance at end of period	$	12,438		$	15,868		$	12,438		$	15,868

Net charge-offs against the allowance for loan losses at the time of foreclosure were approximately $51,000 and $280,000 during the three and nine months ended September 30, 2014, respectively, compared to $733,000 and $1.5 million, during the three and nine months ended September 30, 2013, respectively.

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

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)	2014			2013			2014			2013
Balance, beginning of period	$	3,205		$	3,999		$	4,675		$	6,137
Provision for other real estate owned		276			846			450			3,031
Charge-offs		(199	)		(93	)		(1,843	)		(4,416	)
Balance, end of period	$	3,282		$	4,752		$	3,282		$	4,752