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Real Estate Owned
 12 Months Ended
Dec. 31, 2013
Real Estate Owned  
Real Estate Owned

Note 6 – Real Estate Owned

Real estate owned, net at December 31, 2013 and 2012 were as follows:

 
   December 31,  
 
   2013   2012  
 
   (In thousands)
  

Commercial real estate

   $ 173   $ 3,090  

Church

     2,045     5,619  
           
​ ​ ​ ​ ​ ​ ​ ​

Gross real estate owned

     2,218     8,709  

Less valuation allowance

     (134 )   (546 )
           
​ ​ ​ ​ ​ ​ ​ ​

Real estate owned, net

   $ 2,084   $ 8,163  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

Real estate owned activity was as follows:

 
   2013   2012  
 
   (In thousands)
  

Beginning balance

   $ 8,709   $ 7,046  

Loans transferred to real estate owned

     3,041     10,150  

Direct write-downs

     (1,002 )   (1,019 )

Sales of real estate owned

     (8,530 )   (7,468 )
           
​ ​ ​ ​ ​ ​ ​ ​

Ending balance

   $ 2,218   $ 8,709  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

Activity in the valuation allowance was as follows:

 
   2013   2012  
 
   (In thousands)
  

Beginning valuation allowance

   $ (546 ) $ (347 )

Additions charged to expense

     (590 )   (1,218 )

Direct write-downs

     1,002     1,019  
           
​ ​ ​ ​ ​ ​ ​ ​

Ending valuation allowance

   $ (134 ) $ (546 )
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

Expenses related to foreclosed assets include:

 
   2013   2012  
 
   (In thousands)
  

Net gains on sales

   $ (112 ) $ (292 )

Provision for unrealized losses

     590     1,218  

Operating expenses

     301     592  
           
​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 779   $ 1,518  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​