| Other Real Estate Owned |
Note 8 - Other Real Estate Owned
The following table presents the components of Other Real Estate Owned (“OREO”) at June 30, 2016 and December 31, 2015:
|
|
|
|
|
|
|
(in thousands)
|
June 30, 2016
|
December 31, 2015
|
|
Commercial real estate
|
$
|
1,991
|
$
|
1,520
|
|
Acquisition and development
|
|
6,481
|
|
4,167
|
|
Residential mortgage
|
|
951
|
|
1,196
|
|
Total OREO
|
$
|
9,423
|
$
|
6,883
|
The following table presents the activity in the OREO valuation allowance for the six-and three-month periods ended June 30, 2016 and 2015:
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended
|
For the Three Months Ended
|
|
|
June 30,
|
June 30,
|
|
(in thousands)
|
2016
|
2015
|
2016
|
2015
|
|
Balance beginning of period
|
$
|
4,430
|
$
|
3,440
|
$
|
3,824
|
$
|
3,765
|
|
Fair value write-down
|
|
97
|
|
852
|
|
88
|
|
346
|
|
Sales of OREO
|
|
(928)
|
|
(449)
|
|
(313)
|
|
(268)
|
|
Balance at end of period
|
$
|
3,599
|
$
|
3,843
|
$
|
3,599
|
$
|
3,843
|
The following table presents the components of OREO expenses, net, for the six- and three-month periods ended June 30, 2016 and 2015:
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended
|
For the Three Months Ended
|
|
|
June 30,
|
June 30,
|
|
(in thousands)
|
2016
|
2015
|
2016
|
2015
|
|
Gains on real estate, net
|
$
|
(131)
|
$
|
(78)
|
$
|
(64)
|
$
|
(51)
|
|
Fair value write-down, net
|
|
97
|
|
852
|
|
88
|
|
346
|
|
Expenses, net
|
|
343
|
|
456
|
|
174
|
|
249
|
|
Rental and other income
|
|
(59)
|
|
(183)
|
|
(32)
|
|
(129)
|
|
Total OREO expense, net
|
$
|
250
|
$
|
1,047
|
$
|
166
|
$
|
415
|
|