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Other Real Estate Owned (OREO) | 6 Months Ended
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Jun. 30, 2015
Banking and Thrift [Abstract] |
Other Real Estate Owned (OREO) | Note 5. Other Real Estate Owned (OREO) At June 30, 2015 and December 31, 2014, OREO totaled $2.4 million and $1.9 million, respectively. OREO is primarily comprised of residential lots, raw land, non-residential properties and residential properties, and are located primarily in the Commonwealth of Virginia. Changes in the balance for OREO are as follows (in thousands):
|  | For the six months ended June 30, 2015 |  |  | For the year ended December 31, 2014 |
Balance at the beginning of year, gross |  | $ | 2,263 |  |  | $ | 4,695 |
Transfers in |  |  | 938 |  |  |  | 139 |
Charge-offs |  |  | (375 | ) |  |  | (1,302 | )
Sales proceeds |  |  | (354 | ) |  |  | (1,502 | )
Gain on disposition Deferred gain recognized |  |  | 72 — |  |  |  | 307 (73 | )
Depreciation |  |  | — |  |  |  | (1 | )
Balance at the end of period, gross |  | $ | 2,544 |  |  | $ | 2,263 |
Less: valuation allowance |  |  | (137 | ) |  |  | (375 | )
Balance at the end of period, net |  | $ | 2,407 |  |  | $ | 1,888 |
At June 30, 2015, the carrying amount of residential real estate properties included in OREO was $245 thousand. There were no residential real estate properties included in OREO at December 31, 2014. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $23 thousand as of June 30, 2015. Changes in the valuation allowance are as follows (in thousands):
|  | For the six months ended |  |  | For the year ended |
|  | June 30, 2015 |  |  | June 30, 2014 |  |  | December 31, 2014 |
Balance at beginning of year |  | $ | 375 |  |  | $ | 1,665 |  |  | $ | 1,665 |
Provision for losses |  |  | 137 |  |  |  | 86 |  |  |  | 12 |
Charge-offs, net |  |  | (375 | ) |  |  | (163 | ) |  |  | (1,302 | )
Balance at end of period |  | $ | 137 |  |  | $ | 1,588 |  |  | $ | 375 |
Net expenses applicable to OREO, other than the provision for losses, were $51 thousand and $35 thousand for the six months ended June 30, 2015 and 2014, respectively and $81 thousand for the year ended December 31, 2014.

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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 FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56956306&loc=d3e18551-111553 Reference 2: 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=56956306&loc=d3e18511-111553 Reference 3: 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 4: 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 Reference 5: 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 6: 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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 9: 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 + Details
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