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Other Real Estate Owned | 9 Months Ended
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Sep. 30, 2014
Other Real Estate Owned [Abstract] |
Other Real Estate Owned | Note 8 - Other Real Estate Owned The following table presents the components of OREO as of September 30, 2014 and December 31, 2013:
(in thousands) | September 30, 2014 | December 31, 2013
Commercial real estate | $ | 1,897 | $ | 5,306
Acquisition and development |  | 8,715 |  | 10,509
Residential mortgage |  | 976 |  | 1,216
Total OREO | $ | 11,588 | $ | 17,031
The following table presents the activity in the OREO valuation allowance for the nine- and three-month periods ended September 30, 2014 and 2013:
| For the Nine Months Ended | For the Three Months Ended
| September 30, | September 30,
(in thousands) | 2014 | 2013 | 2014 | 2013
Balance January 1 | $ | 4,047 | $ | 2,766 | $ | 3,742 | $ | 1,988
Fair value write-down |  | 885 |  | 2,889 |  | 442 |  | 2,852
Sales of OREO |  | (1,155) |  | (1,016) |  | (407) |  | (201)
Balance at end of period | $ | 3,777 | $ | 4,639 | $ | 3,777 | $ | 4,639
The following table presents the components of OREO expense s, net for the nine- and three-month periods ended September 30, 2014 and 2013:
| For the Nine Months Ended | For the Three Months Ended
| September 30, | September 30,
(in thousands) | 2014 | 2013 | 2014 | 2013
Losses/(gains) on real estate, net | $ | 921 | $ | (80) | $ | (49) | $ | (18)
Fair value write-down, net |  | 885 |  | 2,889 |  | 442 |  | 2,852
Expenses, net |  | 594 |  | 495 |  | 237 |  | 272
Rental and other income |  | (272) |  | (538) |  | (116) |  | (292)
Total OREO expense, net | $ | 2,128 | $ | 2,766 | $ | 514 | $ | 2,814

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28367877&loc=d3e4437-111522 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 43 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.10(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18511-111553 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18551-111553 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224 + Details
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