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Other Real Estate Owned (OREO)
 9 Months Ended
Sep. 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 nine
months ended		      For the year
ended		  
     September 30,      December 31,  
     2016      2015  

Balance at the beginning of year, gross

    $ 2,903       $ 2,263   

Transfers in

      287         1,664   

Charge-offs

      (251 )       (381 ) 

Sales proceeds

      (2,882 )       (717 ) 

Gain on disposition

      193         74   
  

 

 

     

 

 

  

Balance at the end of period, gross

    $ 250       $ 2,903   

Less: valuation allowance

      —           (224 ) 
  

 

 

     

 

 

  

Balance at the end of period, net

    $ 250       $ 2,679   
  

 

 

     

 

 

  

There were no residential real estate properties included in the ending OREO balances above at September 30, 2016. The carrying amounts of residential real estate properties included in the ending OREO balances above totaled $627 thousand at December 31, 2015. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $100 thousand as of September 30, 2016.

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

 

    

For the nine

months ended

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

Balance at beginning of year

    $ 224       $ 375       $ 375   

Provision for losses

      27         230         230   

Charge-offs, net

      (251 )       (375 )       (381 ) 
  

 

 

     

 

 

     

 

 

  

Balance at end of period

    $ —         $ 230       $ 224   
  

 

 

     

 

 

     

 

 

  

Net expenses applicable to OREO, other than the provision for losses, were $46 thousand and $101 thousand for the nine months ended September 30, 2016 and 2015, respectively and $196 thousand for the year ended December 31, 2015.