Other Real Estate Owned

6 Months Ended

Jun. 30, 2016

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 June 30, 2016 and December 31, 2015:

(in thousands)	June 30, 2016		December 31, 2015
Commercial real estate	$	1,991	$	1,520
Acquisition and development		6,481		4,167
Residential mortgage		951		1,196
Total OREO	$	9,423	$	6,883

The following table presents the activity in the OREO valuation allowance for the six-and three-month periods ended June 30, 2016 and 2015:

	For the Six Months Ended				For the Three Months Ended
	June 30,				June 30,
(in thousands)	2016		2015		2016		2015
Balance beginning of period	$	4,430	$	3,440	$	3,824	$	3,765
Fair value write-down		97		852		88		346
Sales of OREO		(928)		(449)		(313)		(268)
Balance at end of period	$	3,599	$	3,843	$	3,599	$	3,843

The following table presents the components of OREO expenses, net, for the six- and three-month periods ended June 30, 2016 and 2015:

	For the Six Months Ended				For the Three Months Ended
	June 30,				June 30,
(in thousands)	2016		2015		2016		2015
Gains on real estate, net	$	(131)	$	(78)	$	(64)	$	(51)
Fair value write-down, net		97		852		88		346
Expenses, net		343		456		174		249
Rental and other income		(59)		(183)		(32)		(129)
Total OREO expense, net	$	250	$	1,047	$	166	$	415