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Other Real Estate Owned | 9 Months Ended
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Sep. 30, 2012
Other Real Estate Owned [Abstract] |
Other Real Estate Owned | Note 5. Other Real Estate Owned At September 30, 2012 and December 31, 2011, OREO totaled $5.3 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 nine months ended |  |  | For the year ended |
|  | September 30, |  |  | December 31, |
|  | 2012 |  |  | 2011 |
Balance at the beginning of year, gross |  | $ | 9,166 |  |  | $ | 7,302 |
Transfers from loans |  |  | 4,287 |  |  |  | 8,117 |
Charge-offs |  |  | (1,539 | ) |  |  | (2,022 | )
Sales proceeds |  |  | (5,041 | ) |  |  | (3,321 | )
Gain (loss) on disposition |  |  | 297 |  |  |  | (910 | )
Balance at the end of period, gross |  |  | 7,170 |  |  |  | 9,166 |
Less: allowance for losses |  |  | (1,847 | ) |  |  | (2,792 | )
Balance at the end of period, net |  | $ | 5,323 |  |  | $ | 6,374 |
Changes in the allowance for OREO losses are as follows:
|  | (in thousands) |
|  | For the nine months ended |  |  | For the year ended |
|  | September 30, |  |  | September 30, |  |  | December 31, |
|  | 2012 |  |  | 2011 |  |  | 2011 |
Balance at beginning of year |  | $ | 2,792 |  |  | $ | 3,341 |  |  | $ | 3,341 |
Provision for losses |  |  | 595 |  |  |  | 1,103 |  |  |  | 1,558 |
Charge-offs, net |  |  | (1,539 | ) |  |  | (445 | ) |  |  | (2,107 | )
Balance at end of period |  | $ | 1,847 |  |  | $ | 3,999 |  |  | $ | 2,792 |
Net expenses applicable to OREO, other than the provision for losses, were $450 thousand and $325 thousand for the nine months ended September 30, 2012 and 2011, respectively.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 46R -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 66 -Paragraph 4, 5, 37, 50, 59, 65, 95, 97 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Audit and Accounting Guide (AAG) -Number AAG-DEP -Paragraph 2, 6, 9-11, 18, 20 -IssueDate 2006-05-01 -Chapter 11 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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