| Other Real Estate Owned |
Note 8 - Other Real Estate Owned
The following table presents the components of OREO at September 30, 2017 and December 31, 2016:
|
|
|
|
|
|
|
(in thousands)
|
September 30, 2017
|
December 31, 2016
|
|
Commercial real estate
|
$
|
4,045
|
$
|
3,779
|
|
Acquisition and development
|
|
4,717
|
|
5,944
|
|
Commercial and industrial
|
|
24
|
|
24
|
|
Residential mortgage
|
|
995
|
|
1,163
|
|
Total OREO
|
$
|
9,781
|
$
|
10,910
|
The following table presents the activity in the OREO valuation allowance for the nine- and three-month periods ended September 30, 2017 and 2016:
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended
|
For the Three Months Ended
|
|
|
September 30,
|
September 30,
|
|
(in thousands)
|
2017
|
2016
|
2017
|
2016
|
|
Balance beginning of period
|
$
|
3,535
|
$
|
4,430
|
$
|
3,232
|
$
|
3,599
|
|
Fair value write-down
|
|
551
|
|
366
|
|
458
|
|
269
|
|
Sales of OREO
|
|
(1,005)
|
|
(1,205)
|
|
(609)
|
|
(277)
|
|
Balance at end of period
|
$
|
3,081
|
$
|
3,591
|
$
|
3,081
|
$
|
3,591
|
The following table presents the components of OREO expenses, net, for the nine- and three-month periods ended September 30, 2017 and 2016:
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended
|
For the Three Months Ended
|
|
|
September 30,
|
September 30,
|
|
(in thousands)
|
2017
|
2016
|
2017
|
2016
|
|
Gains on real estate, net
|
$
|
(589)
|
$
|
(140)
|
$
|
(515)
|
$
|
(9)
|
|
Fair value write-down, net
|
|
551
|
|
366
|
|
458
|
|
269
|
|
Expenses, net
|
|
492
|
|
495
|
|
213
|
|
152
|
|
Rental and other income
|
|
(149)
|
|
(82)
|
|
(63)
|
|
(23)
|
|
Total OREO expense, net
|
$
|
305
|
$
|
639
|
$
|
93
|
$
|
389
|
|