Note 5: Other Real Estate Owned

12 Months Ended

Dec. 31, 2013

Notes

Note 5: Other Real Estate Owned

Note 5:      Other Real Estate Owned

Major classifications of foreclosed assets at December 31, 2013 and 2012, were as follows:

	2013	2012
(In Thousands)
Foreclosed assets held for sale
One- to four-family construction	$600	$627
Subdivision construction	12,152	17,147
Land development	16,688	14,058
Commercial construction	2,132	6,511
One- to four-family residential	744	1,200
Other residential	5,900	7,232
Commercial real estate	3,135	2,738
Commercial business	79	160
Consumer	967	471
	42,397	50,144
FDIC-supported foreclosed assets, net of discounts	9,006	18,730
Foreclosed assets held for sale, net	51,403	68,874
Other real estate owned not acquired through
foreclosure	2,111	--
Other real estate owned	$53,514	$68,874

Other real estate owned not acquired through foreclosure includes 13 properties, 12 of which were branch locations that have been closed and are held for sale, and one of which is land which was acquired for a potential branch location. 

Expenses applicable to foreclosed assets for the years ended December 31, 2013, 2012 and 2011, included the following:

	2013	2012	2011
(In Thousands)
Net gain on sales of real estate	$(231)	$(1,603)	$(1,504)
Valuation write-downs	1,384	6,786	10,437
Operating expenses, net of rental
income	2,915	3,565	2,913
	$4,068	$8,748	$11,846