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Other Real Estate Owned
 12 Months Ended
Dec. 31, 2015
Banking and Thrift [Abstract]  
Other Real Estate Owned

Note 5. Other Real Estate Owned

OREO was primarily comprised of 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):

 

     2015      2014  

Balance at the beginning of year, gross

    $ 2,263       $ 4,695   

Transfers in

      1,664         139   

Charge-offs

      (381 )       (1,302 ) 

Sales proceeds

      (717 )       (1,502 ) 

Gain on disposition

      74         307   

Deferred gain recognized

      —           (73 ) 

Depreciation

      —           (1 ) 
  

 

 

     

 

 

  

Balance at the end of year, gross

      2,903         2,263   

Less: valuation allowance

      (224 )       (375 ) 
  

 

 

     

 

 

  

Balance at the end of year, net

    $ 2,679       $ 1,888   
  

 

 

     

 

 

  

At December 31, 2015, the carrying amount of residential real estate properties included in OREO was $627 thousand. There were no residential real estate properties included in OREO at December 31, 2014. The Bank did not have any consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process as of December 31, 2015.

Changes in the allowance for OREO losses are as follows (in thousands):

 

     2015      2014  

Balance at beginning of year

    $ 375       $ 1,665   

Provision for losses

      230         12   

Charge-offs, net

      (381 )       (1,302 ) 
  

 

 

     

 

 

  

Balance at end of year

    $ 224       $ 375   
  

 

 

     

 

 

  

Net expenses applicable to OREO, other than the provision for losses, were $196 thousand and $81 thousand for the years ended December 31, 2015 and 2014, respectively.