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Other Real Estate Owned | 12 Months Ended
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Dec. 31, 2015
Other Real Estate Owned [Abstract] |
Other Real Estate Owned | 8.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

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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 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 2: 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 3: 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 4: 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 Reference 5: 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 6: 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 7: 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 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 9: 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 10: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 + Details
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