XML 24 R14.htm IDEA: XBRL DOCUMENT v3.19.1
Other Real Estate Owned and Repossessed Assets
 3 Months Ended
Mar. 31, 2019
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, 2019
 
$
5,832

 
$
424

Additions (1)
 
4,137

 
740

Net payments received
 
(164
)
 
—

Disposals
 
(852
)
 
(717
)
Write-downs
 
(294
)
 
—

Balance at March 31, 2019
 
$
8,659

 
$
447

 
 
 
 
 
Balance at January 1, 2018
 
$
8,182

 
$
625

Transfers based on adoption of ASU 2014-09(2)
 
(189
)
 
—

Additions (1)
 
1,638

 
846

Net payments received
 
(103
)
 
—

Disposals
 
(1,678
)
 
(951
)
Write-downs
 
(651
)
 
—

Balance at March 31, 2018
 
$
7,199

 
$
520

(1) 
Includes loans transferred to other real estate owned and other repossessed assets.
(2) 
In accordance with the updates to Topic 606 adopted by the Corporation effective January 1, 2018, $1.1 million of other real estate owned sold with seller financing were reclassified on the Consolidated Statements of Financial Position to loans and the related $0.9 million of deferred gains were recognized in income as an adjustment to opening retained earnings. Refer to Note 1, Basis of Presentation and Significant Accounting Policies for further information.

At March 31, 2019, the Corporation had $1.8 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 $4.0 million of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process as of March 31, 2019.

Income and expenses related to other real estate owned and repossessed assets, recorded as a component of "Other" operating expenses in the Consolidated Statements of Income, were as follows:
(Dollars in thousands)
 
Other real estate
 owned
 
Repossessed
assets
For the three months ended March 31, 2019
 
 

 
 

Net gain (loss) on sale
 
$
744

 
$
(18
)
Write-downs
 
(294
)
 
—

Net operating expenses
 
(307
)
 
(3
)
Total
 
$
143

 
$
(21
)
For the three months ended March 31, 2018
 
 

 
 

Net gain (loss) on sale
 
$
756

 
$
(34
)
Write-downs
 
(651
)
 
—

Net operating expenses
 
(397
)
 
(1
)
Total
 
$
(292
)
 
$
(35
)