Other Real Estate Owned

12 Months Ended

Dec. 31, 2015

Other Real Estate Owned [Abstract]

Other Real Estate Owned

9.Other Real Estate Owned

The following table presents the components of OREO as of December 31, 2015 and 2014:

(in thousands)	2015		2014
Commercial real estate	$	1,520	$	1,772
Acquisition and development		4,167		9,263
Residential mortgage		1,196		1,897
Total OREO	$	6,883	$	12,932

The following table presents the activity in the OREO valuation allowance for the years ended December 31, 2015 and 2014:

(in thousands)	2015		2014
Balance January 1	$	3,440	$	4,047
Fair value write-down		1,997		920
Sales of OREO		(1,007)		(1,527)
Balance December 31	$	4,430	$	3,440

The following table presents the components of OREO expenses, net for the years ended December 31, 2015 and 2014:

(in thousands)	2015		2014
(Gains)/losses on real estate, net	$	(753)	$	944
Fair value write-down		1,997		920
Expenses, net		885		789
Rental and other income		(230)		(335)
Total OREO expenses, net	$	1,899	$	2,318