Other Real Estate Owned

12 Months Ended

Dec. 31, 2012

Other Real Estate Owned [Abstract]

Other Real Estate Owned

1. Other Real Estate Owned

The following table presents the components of OREO as of December 31, 2012 and 2011:

	2012		2011
Commercial real estate	$	5,559	$	2,913
Acquisition and development		9,831		12,602
Residential mortgage		2,123		1,161
Total OREO	$	17,513	$	16,676

The following table presents the activity in the OREO valuation allowance for the years ended December 31, 2012 and 2011:

	2012		2011
Balance January 1	$	1,745	$	0
Fair value write-down		1,489		1,986
Sales of OREO		(468)		(241)
Balance December 31	$	2,766	$	1,745

The following table presents the components of OREO expenses, net for the years ended December 31, 2012 and 2011:

	December 31,
(in thousands)	2012		2011
(Gains)/losses on real estate, net	$	(995)	$	(285)
Fair value write-down		1,489		1,986
Expenses, net		914		858
Rental income		(518)		(149)
Total OREO expenses, net	$	890	$	2,410