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Other Real Estate Owned and Repossessed Assets
 9 Months Ended
Sep. 30, 2017
Other Real Estate [Abstract]  
Other Real Estate Owned and Repossessed Assets
Other Real Estate Owned and Repossessed Assets
 
Changes in other real estate owned and repossessed assets, included in interest receivable and other assets on the consolidated statements of financial position, were as follows:
(Dollars in thousands)
 
Other real estate
 owned
 
Repossessed
assets
Balance at January 1, 2017
 
$
16,812

 
$
375

Other additions (1)
 
5,339

 
3,633

Net payments received
 
(582
)
 
—

Disposals
 
(10,180
)
 
(3,469
)
Write-downs
 
(1,323
)
 
—

Balance at September 30, 2017
 
$
10,066

 
$
539

 
 
 
 
 
Balance at January 1, 2016
 
$
9,716

 
$
219

Additions due to acquisitions
 
13,227

 
313

Other additions (1)
 
3,945

 
2,084

Net payments received
 
(171
)
 
(764
)
Disposals
 
(6,232
)
 
(1,231
)
Write-downs
 
(376
)
 
—

Balance at September 30, 2016
 
$
20,109

 
$
621

 
(1) 
Includes loans transferred to other real estate owned and other repossessed assets.

At September 30, 2017, the Corporation had $0.7 million of other real estate owned and repossessed assets as a result of obtaining physical possession in accordance with ASU No. 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. In addition, there were $3.4 million of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process as of September 30, 2017.

Income and expenses related to other real estate owned and repossessed assets, recorded as a component of "Other expense" in the Consolidated Statements of Income, were as follows:
(Dollars in thousands)
 
Other real estate
 owned
 
Repossessed
assets
For the three months ended September 30, 2017
 
 

 
 

Net gain (loss) on sale
 
$
388

 
$
(112
)
Write-downs
 
(550
)
 
—

Net operating expenses
 
(509
)
 
(1
)
Total
 
$
(671
)
 
$
(113
)
For the nine months ended September 30, 2017
 
 
 
 
Net gain (loss) on sale
 
$
2,203

 
$
(283
)
Write-downs
 
(1,323
)
 
—

Net operating expenses
 
(1,727
)
 
(8
)
Total
 
$
(847
)
 
$
(291
)
For the three months ended September 30, 2016
 
 

 
 

Net gain (loss) on sale
 
$
788

 
$
(5
)
Write-downs
 
(145
)
 
—

Net operating expenses
 
(176
)
 
(8
)
Total
 
$
467

 
$
(13
)
For the nine months ended September 30, 2016
 
 
 
 
Net gain on sale
 
$
2,830

 
$
696

Write-downs
 
(376
)
 
—

Net operating expenses
 
(588
)
 
(11
)
Total
 
$
1,866

 
$
685