Real Estate and Other Assets Owned

3 Months Ended

Mar. 31, 2014

Banking And Thrift [Abstract]

Real Estate and Other Assets Owned

(6) REAL ESTATE AND OTHER ASSETS OWNED

The Company’s real estate and other assets owned represent properties and personal collateral acquired through customer loan defaults. The property is recorded at the lower of cost or fair value less estimated cost to sell and carrying cost at the date acquired. Any difference between the book value and estimated market value is recognized as a charge off through the allowance for loan loss account. Additional real estate owned and other asset losses may be determined on individual properties at specific intervals or at the time of disposal. In general, the Company will obtain a new appraisal on all real estate owned with a book balance in excess of $250,000 on an annual basis. Additional losses are recognized as a non-interest expense.

At March 31, 2014, December 31, 2013, and March 31, 2013, the Company had balances in other real estate and assets owned and non-accrual loans consisting of the following:

	March 31, 2014			December 31, 2013			March 31, 2013
	(Dollars in Thousands)
One-to-four family mortgages	$	446			350			295
Land		1,034			1,124			1,112
Non-residential real estate		200			200			73
Total other assets owned	$	1,680			1,674			1,480
Total non-accrual loans	$	10,032			10,066			7,036
Total non-performing assets	$	11,712			11,740			8,516
Non-performing assets / Total assets		1.21	%		1.21	%		0.86	%

The following is a summary of the activity in the Company’s real estate and other assets owned for the three month period ending March 31, 2014:

			Activity During 2014
	Balance 12/31/2013		Foreclosures		Proceeds			Reduction in Values		Gain (Loss) on Sale			Balance 3/31/2014
	(Dollars in Thousands)
One-to-four family mortgages	$	350		166		(66	)		—		(4	)	$	446
Multi-family		—		—		—			—		—			—
Construction		—		—		—			—		—			—
Land		1,124		—		(71	)		—		(19	)		1,034
Non-residential real estate		200		—		—			—		—			200
Consumer assets		—		—		—			—		—			—
Total	$	1,674		166		(137	)		—		(23	)	$	1,680

The following is a summary of the activity in the Company’s real estate and other assets owned for the year ended December 31, 2013:

			Activity During 2013
	Balance 12/31/12		Foreclosures		Proceeds			Reduction in Values			Gain (Loss) on Sale			Balance 12/31/13
	(Dollars in Thousands)
One-to-four family mortgages	$	258		1,052		(938	)		(26	)		4		$	350
Multi-family		—		—		—			—			—			—
Construction		130		—		(110	)		(110	)		90			—
Land		1,112		80		—			(68	)		—			1,124
Non-residential real estate		44		240		(60	)		(11	)		(13	)		200
Consumer assets		4		7		(5	)		(4	)		(2	)		—
Total	$	1,548		1,379		(1,113	)		(219	)		79		$	1,674