Other Real Estate Owned and Other Repossessed Assets (Tables)

9 Months Ended

Sep. 30, 2013

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Real Estate Owned and Other Repossessed Assets

Real estate owned and other repossessed assets at September 30, 2013 and December 31, 2012 were as follows:

	September 30,			December 31,
	2013			2012
	(Dollars in thousands)
Real estate owned and other repossessed assets	$	15,989		$	25,236
Valuation allowance		(6,674	)		(6,796	)
End of period	$	9,315		$	18,440

Valuation Allowance Related to Real Estate Owned

Activity in the valuation allowance was as follows:

	September 30,			September 30,
	2013			2012
	(Dollars in thousands)
Beginning of year	$	6,796		$	8,764
Additions charged to expense		1,801			1,805
Direct write-downs		(1,923	)		(3,690	)
End of period	$	6,674		$	6,879

Expenses Related to Foreclosed and Repossessed Assets

Expenses related to foreclosed and repossessed assets include:

	Three Months Ended			Three Months Ended
	September 30,			September 30,
	2013			2012
	(Dollars in thousands)
Net loss on sales	$	(69	)	$	210
Net loss on sales from bulk asset transaction		—			413
Provision for unrealized losses, net		464			1,172
Operating expenses, net of rental income		354			383
Total expenses	$	749		$	2,178
	Nine Months Ended			Nine Months Ended
	September 30,			September 30,
	2013			2012
	(Dollars in thousands)
Net loss on sales	$	165		$	1,229
Net loss on sales from bulk asset transaction		—			413
Provision for unrealized losses, net		1,801			1,805
Operating expenses, net of rental income		1,140			1,504
Total expenses	$	3,106		$	4,951