Other Real Estate Owned

6 Months Ended

Jun. 30, 2015

Other Real Estate Owned [Abstract]

Other Real Estate Owned

Note 8 - Other Real Estate Owned

The following table presents the components of Other Real Estate Owned (“OREO”) as of June 30, 2015 and December 31, 2014:

(in thousands)	June 30, 2015		December 31, 2014
Commercial real estate	$	1,957	$	1,772
Acquisition and development		7,792		9,263
Residential mortgage		1,838		1,897
Total OREO	$	11,587	$	12,932

The following table presents the activity in the OREO valuation allowance for the six- and three-month periods ended June 30, 2015 and 2014:

	For the Six Months Ended				For the Three Months Ended
	June 30,				June 30,
(in thousands)	2015		2014		2015		2014
Balance January 1	$	3,440	$	4,047	$	3,765	$	3,670
Fair value write-down		852		443		346		72
Sales of OREO		(449)		(748)		(268)		0
Balance at end of period	$	3,843	$	3,742	$	3,843	$	3,742

The following table presents the components of OREO expenses, net for the six- and three-month periods ended June 30, 2015 and 2014:

	For the Six Months Ended				For the Three Months Ended
	June 30,				June 30,
(in thousands)	2015		2014		2015		2014
Gains on real estate, net	$	(78)	$	970	$	(51)	$	995
Fair value write-down, net		852		443		346		72
Expenses, net		456		357		249		169
Rental and other income		(183)		(156)		(129)		(79)
Total OREO expense, net	$	1,047	$	1,614	$	415	$	1,157