Note 9: Other Real Estate Owned

3 Months Ended

Mar. 31, 2014

Notes

Note 9: Other Real Estate Owned

NOTE 9: OTHER REAL ESTATE OWNED

Major classifications of other real estate owned were as follows:

	March 31,	December 31,
	2014	2013
(In Thousands)
Foreclosed assets held for sale
One- to four-family construction	$--		$--
Subdivision construction	10,963		11,652
Land development	16,730		16,788
Commercial construction	2,132		2,132
One- to four-family residential	1,371		744
Other residential	3,678		5,900
Commercial real estate	4,551		4,135
Commercial business	77		77
Consumer	618		969
	40,120		42,397
FDIC-supported foreclosed assets, net of discounts	7,732		9,006
Foreclosed assets held for sale, net	47,852		51,403
Other real estate owned not acquired through
foreclosure	2,111		2,111
Other real estate owned	$49,963		$53,514

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 included the following:

	Three Months Ended March 31,
	2014	2013
(In Thousands)
Net (gain) loss on sales of foreclosed assets	$150	$(27)
Valuation write-downs	180	442
Operating expenses, net of rental income	520	640
	$850	$1,055