XML 60 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
Other Real Estate Owned (OREO)
 9 Months Ended
Sep. 30, 2013
Banking And Thrift [Abstract]  
Other Real Estate Owned (OREO)
Note 5. Other Real Estate Owned (OREO)

At September 30, 2013 and December 31, 2012, OREO totaled $3.8 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 nine
months ended		     For the year
ended		  
     September 30,     December 31,  
     2013     2012  

Balance at the beginning of year, gross

    $ 7,764      $ 9,166   

Transfers in

      1,840        5,578   

Charge-offs

      (1,332 )      (1,808 ) 

Sales proceeds

      (2,927 )      (5,438 ) 

Gain on disposition

      53        268   

Depreciation

      —          (2 ) 
  

 

 

    

 

 

  

Balance at the end of period, gross

    $ 5,398      $ 7,764   

Less: allowance for losses

      (1,565 )      (2,174 ) 
  

 

 

    

 

 

  

Balance at the end of period, net

    $ 3,833      $ 5,590   
  

 

 

    

 

 

  

 

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,  
     2013     2012     2012  

Balance at beginning of year

    $ 2,174      $ 2,792      $ 2,792   

Provision for losses

      660        595        1,190   

Transfer in

      63        —          —     

Charge-offs, net

      (1,332 )      (1,539 )      (1,808 ) 
  

 

 

    

 

 

    

 

 

  

Balance at end of period

    $ 1,565      $ 1,847      $ 2,174   
  

 

 

    

 

 

    

 

 

  

Net expenses applicable to OREO, other than the provision for losses, were $128 thousand and $450 thousand for the nine months ended September 30, 2013 and 2012, respectively.