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Other Real Estate Owned
 3 Months Ended
Mar. 31, 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 March 31, 2016 and December 31, 2015:







 

 

 

 

(in thousands)

March 31, 2016

December 31, 2015

Commercial real estate

$

 1,427 

$

 1,520 

Acquisition and development

 

 3,968 

 

 4,167 

Residential mortgage

 

 747 

 

 1,196 

                 Total OREO

$

 6,142 

$

 6,883 



The following table presents the activity in the OREO valuation allowance for the three-month periods ended March 31, 2016 and 2015:













 

 

 

 



For the three months Ended



March 31,

(in thousands)

2016

2015

Balance beginning of period

$

 4,430 

$

 3,440 

Fair value write-down

 

 9 

 

 506 

Sales of OREO

 

 (615)

 

 (181)

     Balance at end of period

$

 3,824 

$

 3,765 



The following table presents the components of OREO expenses, net, for the three-month periods ended March 31, 2016 and 2015:







 

 

 

 



For the three months Ended



March 31,

(in thousands)

2016

2015

Gains on real estate, net

$

 (67)

$

 (27)

Fair value write-down, net

 

 9 

 

 506 

Expenses, net

 

 169 

 

 207 

Rental and other income

 

 (27)

 

 (54)

    Total OREO expense, net

$

 84 

$

 632