Other Real Estate Owned

3 Months Ended

Mar. 31, 2013

Other Real Estate Owned

Other Real Estate Owned

Note 5.  Other Real Estate Owned

The following table presents the components of OREO at March 31, 2013 and December 31, 2012:

	March 31,		December 31,
(in thousands)	2013		2012
Land/Lots	$	2,856	$	2,929
Commercial Real Estate	1,054		1,054
Total	$	3,910	$	3,983

The following table presents the activity in OREO for the three months ended March 31, 2013 and 2012:

	March 31,
(in thousands)	2013			2012
Balance, January 1,	$	3,983		$	6,958
Additions	—			239
Valuation adjustments	—			26
Carrying value of OREO sold	(73		)	(1,097		)
Balance, March 31,	$	3,910		$	6,126

The following table details the components of net expense of OREO for the three months ended March 31, 2013 and 2012:

	Three Months Ended March 31,
(in thousands)	2013			2012
Insurance	35			$	21
Legal fees	33			33
Maintenance	25			16
Income from the operation of foreclosed properties	(7		)	(4		)
Professional fees	14			11
Real estate taxes	56			98
Utilities	7			4
Other	55			25
Impairment charges (credits)	—			(26		)
Total	$	218		$	178