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Other Real Estate Owned
 3 Months Ended
Mar. 31, 2012
Other Real Estate Owned [Abstract]  
Other Real Estate Owned
Note 5. Other Real Estate Owned

At March 31, 2012 and December 31, 2011, OREO totaled $5.6 million and $6.4 million, respectively. OREO is primarily comprised of residential lots, raw land, non-residential properties and residential properties associated with commercial relationships, and are located primarily in the Commonwealth of Virginia. Changes in the balance for OREO are as follows:

 

0000000000 0000000000
     (in thousands)  
     For the three
months ended
March 31,
2012		     For the year
ended
December 31,
2011		  

Balance at the beginning of year, gross

    $ 9,166      $ 7,302   

Transfers from loans

      1,922        8,117   

Charge-offs

      (738 )      (2,022 ) 

Sales proceeds

      (2,423 )      (3,321 ) 

Gain (loss) on disposition

      90        (910 ) 

Balance at the end of period, gross

      8,017        9,166   

Less: allowance for losses

      (2,455 )      (2,792 ) 
  

 

 

    

 

 

  

Balance at the end of period, net

    $ 5,562      $ 6,374   
  

 

 

    

 

 

  

Changes in the allowance for OREO losses are as follows:

 

0000000000 0000000000
     (in thousands)  
     For the three months ended  
     March 31,
2012		     March 31,
2011		  

Balance at beginning of year

    $ 2,792      $ 3,341   

Provision for losses

      401        130   

Charge-offs, net

      (738 )      (445 ) 
  

 

 

    

 

 

  

Balance at end of period

    $ 2,455      $ 3,026   
  

 

 

    

 

 

  

Net expenses applicable to OREO, other than the provision for losses, were $253 thousand and $126 thousand for the three months ended March 31, 2012 and 2011, respectively.