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Other Real Estate Owned (OREO)
 3 Months Ended
Mar. 31, 2013
Other Real Estate Owned (OREO) [Abstract]  
Other Real Estate Owned (OREO)
Note 5. Other Real Estate Owned (OREO)

At March 31, 2013 and December 31, 2012, OREO totaled $5.2 million and $5.6 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 three
months ended
March 31,
2013		     For the year
ended
December 31,
2012		  

Balance at the beginning of year, gross

   $ 7,764     $ 9,166  

Transfers in

     742       5,578  

Charge-offs

     (191 )      (1,808 ) 

Sales proceeds

     (1,038 )      (5,438 ) 

Gain on disposition

     116       268  

Depreciation

     —         (2 ) 
   

 

 

    

 

 

  

Balance at the end of period, gross

   $ 7,393     $ 7,764  

Less: allowance for losses

     (2,220 )      (2,174 ) 
   

 

 

    

 

 

  

Balance at the end of period, net

   $ 5,173     $ 5,590  
   

 

 

    

 

 

  

 

Changes in the allowance for OREO losses are as follows:

 

                         
    (in thousands)  
   

For the three

months ended

     For the year
ended		  
    March 31,
2013		     March 31,
2012		     December 31,
2012		  

Balance at beginning of year

   $ 2,174     $ 2,792     $ 2,792  

Provision for losses

     174       401       1,190  

Transfer in

     63       —         —    

Charge-offs, net

     (191 )      (738 )      (1,808 ) 
   

 

 

    

 

 

    

 

 

  

Balance at end of period

   $ 2,220     $ 2,455     $ 2,174  
   

 

 

    

 

 

    

 

 

  

Net expenses applicable to OREO, other than the provision for losses, were $49 thousand and $253 thousand for the three months ended March 31, 2013 and 2012, respectively.