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OREO
 12 Months Ended
Dec. 31, 2016
Real Estate [Abstract]  
OREO
OREO

Other Real Estate Owned (OREO) at December 31, 2016 was $10.5 million, compared to $16.6 million at December 31, 2015, a decrease of $6.1 million. The real estate owned at, December 31, 2016, consisted of 16 properties, the largest being a condominium development at $3.3 million. During 2016, the Company disposed of $5.2 million of OREO, recognizing a gain of $206,000, compared to $7.6 million of OREO sold in 2015, recognizing a loss of $1,076,000. Also during 2016, the Company wrote down OREO property by $2,036,000, compared to $943,000 of write-downs in 2015, based on a decline in appraised values. Operating expenses related to OREO, net of related income, for 2016 and 2015, were $935,000 and $1.5 million, respectively.

An analysis of OREO activity for the years ended December 31, 2016 and 2015 is as follows:
 
For the Year Ended
December 31,
 
2016
 
2015
 
(Amounts in thousands)
Balance at beginning of period
$
16,629

 
$
20,931

Real estate acquired in settlement of loans
788

 
5,154

Sales of real estate
(5,222
)
 
(7,576
)
Gain (loss) on sale of real estate
206

 
(1,076
)
Write-down of real estate carrying values
(2,036
)
 
(943
)
Donated property
(31
)
 
—

Capitalized improvements to real estate
194

 
139

Balance at end of period
$
10,528

 
$
16,629