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Other Real Estate Owned
 12 Months Ended
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.