Other Real Estate Owned
 12 Months Ended
Dec. 31, 2013
Other Real Estate Owned [Abstract]  
Other Real Estate Owned

1.

Other Real Estate Owned

The following table presents the components of OREO as of December 31, 2013 and 2012:

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

2013

2012

Commercial real estate

$
5,306 

$
5,559 

Acquisition and development

 
10,509 

 
9,831 

Residential mortgage

 
1,216 

 
2,123 

                Total OREO

$
17,031 

$
17,513 

 

The following table presents the activity in the OREO valuation allowance for the years ended December 31, 2013 and 2012:

 

 

 

 

 

 

 

(in thousands)

2013

2012

Balance January 1

$
2,766 

$
1,745 

Fair value write-down

 
3,079 

 
1,489 

Sales of OREO

 
(1,798)

 
(468)

Balance December 31

$
4,047 

$
2,766 

 

The following table presents the components of OREO expenses, net for the years ended December 31, 2013 and 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

(in thousands)

2013

2012

Gains on real estate, net

$
(205)

$
(995)

Fair value write-down

 
3,079 

 
1,489 

Expenses, net

 
665 

 
914 

Rental and other income

 
(630)

 
(518)

   Total OREO expenses, net

$
2,909 

$
890