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Other Real Estate Owned
 12 Months Ended
Dec. 31, 2011
Other Real Estate Owned [Abstract]  
Other Real Estate Owned

Note 6 - Other real estate owned

At December 31, 2011 and 2010, OREO was $3,253,000 and $3,440,000, respectively. OREO is primarily comprised of residential properties and non-residential properties associated with commercial relationships, and are located in Virginia. The following table represents the changes in OREO balance in 2011 and 2010.

             
OREO Changes
    Year Ended December 31,  
    2011   2010  
Balance at the beginning of the year (gross) $ 3,440   $ 666  
Transfers from Loans   4,619     2,509  
Transfer from premises and equipment   -     1,031  
Capitalized Costs   20     31  
Charge-Offs   (220 )   (132 )
Sales   (3,944 )   (612 )
(Loss) on disposition   (487 )   (53 )
Balance at the end of the year (gross) $ 3,428   $ 3,440  
Less valuation allowance   (175 )   -  
Balance at the end of the year (net) $ 3,253   $ 3,440  

 

The following table sets forth the OREO expenses in 2011 and 2010


           
OREO Expense
      Year Ended December 31,
      2011 2010
Loss on disposition   $ 487 $ 54
Write-downs     395   131
Expenses     139   59
Total   $ 1,021 $ 244

 

         
    December 31,    
    2011   2010
Land $ 2,235 $ 2,235
Building and improvements   5,092   5,034
Construction in progress   594   380
Furniture and equipment   6,277   5,855
Leasehold improvements   1,470   1,470
    15,668   14,974
Less accumulated depreciation   6,809   6,094
 
Net property and equipment $ 8,859 $ 8,880

 

Total depreciation expense for the years ended December 31, 2011 and 2010 was $715 and $813, respectively.