Foreclosed Assets |
Note 6 – Foreclosed Assets
A summary of the activity in the balance of foreclosed assets
follows (dollars in thousands):
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Year ended December 31, 2015 |
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Year ended December 31, 2014 |
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Noncovered |
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Covered |
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Total |
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Noncovered |
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Covered |
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Total |
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Beginning balance, net
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$ |
4,449 |
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$ |
445 |
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$ |
4,894 |
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$ |
5,588 |
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$ |
674 |
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$ |
6,262 |
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Acquisitions
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— |
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— |
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— |
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695 |
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— |
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695 |
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Additions/transfers from loans
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5,880 |
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(445 |
) |
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5,435 |
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5,753 |
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— |
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5,753 |
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Dispositions/sales
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(4,458 |
) |
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— |
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(4,458 |
) |
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(7,391 |
) |
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(217 |
) |
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(7,608 |
) |
Valuation adjustments
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(502 |
) |
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— |
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(502 |
) |
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(196 |
) |
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(12 |
) |
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(208 |
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Ending balance, net
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$ |
5,369 |
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— |
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$ |
5,369 |
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$ |
4,449 |
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$ |
445 |
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$ |
4,894 |
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Ending valuation allowance
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$ |
(572 |
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— |
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$ |
(572 |
) |
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$ |
(208 |
) |
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— |
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$ |
(208 |
) |
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Ending number of foreclosed assets
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26 |
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— |
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26 |
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28 |
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1 |
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29 |
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Proceeds from sale of foreclosed assets
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$ |
5,449 |
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— |
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$ |
5,449 |
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$ |
9,517 |
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$ |
245 |
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$ |
9,762 |
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Gain on sale of foreclosed assets
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$ |
991 |
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— |
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$ |
991 |
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$ |
2,125 |
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$ |
28 |
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$ |
2,153 |
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At December 31, 2015, the balance of real estate owned
includes $1,787,000 of foreclosed residential real estate
properties recorded as a result of obtaining physical possession of
the property. At December 31, 2015, the recorded investment of
consumer mortgage loans secured by residential real estate
properties for which formal foreclosure proceedings are underway is
$658,000.
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