Other Real Estate Owned (Tables)

3 Months Ended

Mar. 31, 2015

Real Estate [Abstract]

Schedule reflecting the components of OREO [Table Text Block]

The following table presents the composition of OREO at March 31, 2015 and December 31, 2014:

	March 31,		December 31,
(in thousands)	2015		2014
Land/lots	$	1,252	$	1,287
Commercial real estate		941		941
Residential real estate		176		27
Total other real estate owned	$	2,369	$	2,255

Other Real Estate Owned Roll Forward [Table Text Block]

The following table presents the activity in OREO for the three months ended March 31, 2015 and 2014:

	For the Three Months Ended
	March 31,
(in thousands)	2015		2014
Balance, January 1,	$	2,255	$	4,246
Property foreclosures		149		-
Valuation adjustments		(12)		(53)
Carrying value of OREO sold		(23)		(771)
Balance, March 31,	$	2,369	$	3,422

Schedule of Components of Net Expense of Other Real Estate [Table Text Block]

The following table details the components of net expense of OREO for the three months ended March 31, 2015 and 2014:

	Three Months Ended
	March 31,
(in thousands)	2015		2014
Insurance	$	14	$	27
Legal fees		20		9
Maintenance		-		10
Professional fees		-		10
Real estate taxes		26		49
Utilities		10		3
Other		18		5
Valuation adjustments		12		53
Total expense		100		166
Income from the operation of foreclosed properties		-		(3)
Net expense of OREO	$	100	$	163