XML 60 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Other Real Estate Owned
 9 Months Ended
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.