Other Real Estate Owned

3 Months Ended

Mar. 31, 2014

Other Real Estate Owned [Abstract]

Other Real Estate Owned

(4)Other Real Estate Owned

Changes in the carrying amount of the Company’s OREO for the three months ended March 31, 2014 and March 31, 2013 were as follows (in thousands):

Balance, January 1, 2013	$	19,580
Additions to OREO		2,821
Dispositions of OREO		(13,676)
Net gain/(loss) on sale and valuation adjustments		(119)
Balance as of March 31, 2013	$	8,606
Balance, January 1, 2014	$	4,493
Additions to OREO		-
Dispositions of OREO		(82)
Net gain on sale and valuation adjustments		8
Balance as of March 31, 2014	$	4,419

Expenses related to foreclosed assets include:

		Three Months Ended March 31,
		2014		2013
		(In thousands)
Net (gain)/loss on sale and valuation
adjustments	$	(8)	$	119
Operating expenses, net of rental income		64		215
Total expenses related to foreclosed assets	$	56	$	334