Other Real Estate Owned

9 Months Ended

Sep. 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”) at September 30, 2015 and December 31, 2014:

(in thousands)	September 30, 2015		December 31, 2014
Commercial real estate	$	1,728	$	1,772
Acquisition and development		4,746		9,263
Residential mortgage		1,003		1,897
Total OREO	$	7,477	$	12,932

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

	For the Nine Months Ended				For the Three Months Ended
	September 30,				September 30,
(in thousands)	2015		2014		2015		2014
Balance beginning of period	$	3,440	$	4,047	$	3,843	$	3,742
Fair value write-down		1,202		885		350		442
Sales of OREO		(831)		(1,155)		(382)		(407)
Balance at end of period	$	3,811	$	3,777	$	3,811	$	3,777

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

	For the Nine Months Ended				For the Three Months Ended
	September 30,				September 30,
(in thousands)	2015		2014		2015		2014
(Gains)/losses on real estate, net	$	(718)	$	921	$	(640)	$	(49)
Fair value write-down, net		1,202		885		350		442
Expenses, net		704		594		248		237
Rental and other income		(212)		(272)		(29)		(116)
Total OREO expense/(income), net	$	976	$	2,128	$	(71)	$	514