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Other Real Estate Owned (OREO)
 3 Months Ended
Mar. 31, 2017
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 three

months ended

     

For the year

ended

  
     March 31,      December 31,  
     2017      2016  

Balance at the beginning of year, gross

    $ 250      $ 2,903  

Transfers in

      —          287  

Charge-offs

      —          (251 ) 

Sales proceeds

      —          (2,882 ) 

Gain on disposition

      —          193  
  

 

 

     

 

 

  

Balance at the end of period, gross

    $ 250      $ 250  

Less: valuation allowance

      —          —    
  

 

 

     

 

 

  

Balance at the end of period, net

    $ 250      $ 250  
  

 

 

     

 

 

  

There were no residential real estate properties included in the ending OREO balances above at March 31, 2017 and December 31, 2016. 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 March 31, 2017.

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

 

    

For the three

months ended

     

For the year

ended

  
     March 31,      March 31,      December 31,  
     2017      2016      2016  

Balance at beginning of year

    $ —        $ 224      $ 224  

Provision for losses

      —          —          27  

Charge-offs, net

      —          (70 )       (251 ) 
  

 

 

     

 

 

     

 

 

  

Balance at end of period

    $ —        $ 154      $ —    
  

 

 

     

 

 

     

 

 

  

Net expenses applicable to OREO, other than the provision for losses, were $2 thousand and $22 thousand for the three months ended March 31, 2017 and 2016, respectively and $46 thousand for the year ended December 31, 2016.