Note 5: Other Real Estate Owned

12 Months Ended

Dec. 31, 2014

Notes

Note 5: Other Real Estate Owned

Note 5:       Other Real Estate Owned

Major classifications of foreclosed assets at December 31, 2014 and 2013, were as follows:

	2014	2013
(In Thousands)
Foreclosed assets held for sale
One- to four-family construction	$223	$600
Subdivision construction	9,857	12,152
Land development	17,168	16,688
Commercial construction	--	2,132
One- to four-family residential	3,353	744
Other residential	2,625	5,900
Commercial real estate	1,632	3,135
Commercial business	59	79
Consumer	624	715
	35,541	42,145
FDIC-supported foreclosed assets, net of discounts	5,695	9,258
Acquired foreclosed assets no longer covered by
FDIC loss sharing agreements, net of discounts	879	--
Acquired foreclosed assets not covered by FDIC
loss sharing agreements, net of discounts (Valley Bank)	778	--
Foreclosed assets held for sale, net	42,893	51,403
Other real estate owned not acquired through
foreclosure	2,945	2,111
Other real estate owned	$45,838	$53,514

As of December 31, 2014, other real estate owned not acquired through foreclosure includes 13 properties, 11 of which were branch locations that have been closed and are held for sale, and two of which are land which was acquired for potential branch locations.

Expenses applicable to foreclosed assets for the years ended December 31, 2014, 2013 and 2012, included the following:

	2014	2013	2012
(In Thousands)
Net gain on sales of real estate	$(91)	$(231)	$(1,603)
Valuation write-downs	3,343	1,384	6,786
Operating expenses, net of rental
income	2,384	2,915	3,565
	$5,636	$4,068	$8,748