Other Real Estate Owned (Tables)

6 Months Ended

Jun. 30, 2013

Other Real Estate Owned

Schedule of components of OREO

The following schedule presents a breakdown of OREO at June 30, 2013 and December 31, 2012:

	June 30,		December 31,
(in thousands)	2013		2012
Land/lots	$	2,235	$	2,929
Commercial real estate		446		1,054
Residential real estate		97		-
Total	$	2,778	$	3,983

Schedule presenting the activity in OREO

The following schedule presents the activity in OREO for the six months ended June 30, 2013 and 2012:

	Six Month Ended June 30,
(in thousands)	2013		2012
Balance, January 1,	$	3,983	$	6,958
Additions		159		506
Valuation adjustments		(105)		20
Carrying value of OREO sold		(1,259)		(2,182)
Balance, June 30,	$	2,778	$	5,302

Schedule of components of net expense of OREO

The following table presents the components of net expense of OREO for the six months ended June 30, 2013 and 2012:

	Six Months Ended June 30,
(in thousands)	2013		2012
Insurance	$	63	$	39
Legal fees		82		30
Maintenance		27		29
Income from the operation of foreclosed properties		(17)		(10)
Professional fees		23		78
Real estate taxes		102		204
Utilities		9		9
Other		56		45
Impairment charges (credits)		105		(20)
Total	$	450	$	404