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Other Real Estate Owned
 6 Months Ended
Jun. 30, 2012
Other Real Estate Owned [Abstract]  
Other Real Estate Owned
Note 5. Other Real Estate Owned

At June 30, 2012 and December 31, 2011, OREO totaled $5.4 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:

 

                 
    (in thousands)  
    For the six
months ended
June 30,
2012		     For the year
ended
December 31,
2011		  

Balance at the beginning of year, gross

   $ 9,166     $ 7,302  

Transfers from loans

     3,180       8,117  

Charge-offs

     (1,274 )      (2,022 ) 

Sales proceeds

     (3,815 )      (3,321 ) 

Gain (loss) on disposition

     250       (910 ) 
   

 

 

    

 

 

  

Balance at the end of period, gross

     7,507       9,166  

Less: allowance for losses

     (2,087 )      (2,792 ) 
   

 

 

    

 

 

  

Balance at the end of period, net

   $ 5,420     $ 6,374  
   

 

 

    

 

 

  

Changes in the allowance for OREO losses are as follows:

 

                         
    (in thousands)  
   

For the six

months ended

     For the year
ended		  
    June 30,
2012		     June 30,
2011		     December 31,
2011		  

Balance at beginning of year

   $ 2,792     $ 3,341     $ 3,341  

Provision for losses

     569       176       1,558  

Charge-offs, net

     (1,274 )      (445 )      (2,107 ) 
   

 

 

    

 

 

    

 

 

  

Balance at end of period

   $ 2,087     $ 3,072     $ 2,792  
   

 

 

    

 

 

    

 

 

  

Net expenses applicable to OREO, other than the provision for losses, were $351 thousand and $192 thousand for the six months ended June 30, 2012 and 2011, respectively.