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Other Real Estate Owned (OREO)
 6 Months Ended
Jun. 30, 2016
Banking and Thrift [Abstract]  
Other Real Estate Owned (OREO)

Note 5. Other Real Estate Owned (OREO)

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

 

     For the six
months ended
June 30,
2016		      For the year
ended
December 31,
2015		  

Balance at the beginning of year, gross

    $ 2,903       $ 2,263   

Transfers in

      37         1,664   

Charge-offs

      (70 )       (381 ) 

Sales proceeds

      (2,438 )       (717 ) 

Gain on disposition

      191         74   
  

 

 

     

 

 

  

Balance at the end of period, gross

    $ 623       $ 2,903   

Less: valuation allowance

      (181 )       (224 ) 
  

 

 

     

 

 

  

Balance at the end of period, net

    $ 442       $ 2,679   
  

 

 

     

 

 

  

The carrying amounts of residential real estate properties included in the ending OREO balances above were $442 thousand and $627 thousand at June 30, 2016 and December 31, 2015, respectively. 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 June 30, 2016.

Changes in the valuation allowance are as follows (in thousands):

 

    

For the six

months ended

      For the year
ended		  
     June 30,      June 30,      December 31,  
     2016      2015      2015  

Balance at beginning of year

    $ 224       $ 375       $ 375   

Provision for losses

      27         137         230   

Charge-offs, net

      (70 )       (375 )       (381 ) 
  

 

 

     

 

 

     

 

 

  

Balance at end of period

    $ 181       $ 137       $ 224   
  

 

 

     

 

 

     

 

 

  

Net expenses applicable to OREO, other than the provision for losses, were $43 thousand and $51 thousand for the six months ended June 30, 2016 and 2015, respectively and $196 thousand for the year ended December 31, 2015.