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Other Real Estate Owned | 12 Months Ended
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Dec. 31, 2013
Banking And Thrift [Abstract] |
Other Real Estate Owned |
Note 5. | Other Real Estate Owned
At December 31, 2013 and 2012, other real estate owned (OREO) totaled $3.0 million and $5.6 million, respectively. OREO was 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) |
|  | 2013 |  |  | 2012 |
Balance at the beginning of year, gross |  | $ | 7,764 |  |  | $ | 9,166 |
Transfers in |  |  | 2,036 |  |  |  | 5,578 |
Charge-offs |  |  | (1,564 | ) |  |  | (1,808 | )
Sales proceeds |  |  | (3,618 | ) |  |  | (5,438 | )
Gain on disposition |  |  | 80 |  |  |  | 268 |
Depreciation |  |  | (3 | ) |  |  | (2 | )
Balance at the end of year, gross |  |  | 4,695 |  |  |  | 7,764 |
Less: valuation allowance |  |  | (1,665 | ) |  |  | (2,174 | )
Balance at the end of year, net |  | $ | 3,030 |  |  | $ | 5,590 |
Changes in the allowance for OREO losses are as follows:
|  | (in thousands) |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Balance at beginning of year |  | $ | 2,174 |  |  | $ | 2,792 |  |  | $ | 3,341 |
Provision for losses |  |  | 1,055 |  |  |  | 1,190 |  |  |  | 1,558 |
Charge-offs, net |  |  | (1,564 | ) |  |  | (1,808 | ) |  |  | (2,107 | )
Balance at end of year |  | $ | 1,665 |  |  | $ | 2,174 |  |  | $ | 2,792 |
Net expenses applicable to OREO, other than the provision for losses, were $150 thousand, $443 thousand and $572 thousand for the years ended December 31, 2013, 2012, and 2011, respectively.

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28367877&loc=d3e4437-111522 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 43 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.10(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18511-111553 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18551-111553 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224 + Details
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