| 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, 2018 and December 31, 2017:
|
|
|
|
|
|
|
(in thousands)
|
June 30, 2018
|
December 31, 2017
|
|
Commercial real estate
|
$
|
3,657
|
$
|
3,605
|
|
Acquisition and development
|
|
4,033
|
|
5,295
|
|
Commercial and industrial
|
|
24
|
|
24
|
|
Residential mortgage
|
|
789
|
|
1,217
|
|
Total OREO
|
$
|
8,503
|
$
|
10,141
|
The following table presents the activity in the OREO valuation allowance for the six- and three-month periods ended June 30, 2018 and 2017:
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended
|
For the Three Months Ended
|
|
|
June 30,
|
June 30,
|
|
(in thousands)
|
2018
|
2017
|
2018
|
2017
|
|
Balance beginning of period
|
$
|
2,740
|
$
|
3,535
|
$
|
2,911
|
$
|
3,316
|
|
Fair value write-down
|
|
478
|
|
93
|
|
183
|
|
23
|
|
Sales of OREO
|
|
(271)
|
|
(396)
|
|
(147)
|
|
(107)
|
|
Balance at end of period
|
$
|
2,947
|
$
|
3,232
|
$
|
2,947
|
$
|
3,232
|
The following table presents the components of OREO expenses, net, for the six- and three-month periods ended June 30, 2018 and 2017:
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended
|
For the Three Months Ended
|
|
|
June 30,
|
June 30,
|
|
(in thousands)
|
2018
|
2017
|
2018
|
2017
|
|
Gains on real estate, net
|
$
|
(183)
|
$
|
(74)
|
$
|
(163)
|
$
|
(44)
|
|
Fair value write-down, net
|
|
478
|
|
93
|
|
183
|
|
23
|
|
Expenses, net
|
|
272
|
|
279
|
|
124
|
|
110
|
|
Rental and other income
|
|
(74)
|
|
(86)
|
|
(36)
|
|
(51)
|
|
Total OREO expense, net
|
$
|
493
|
$
|
212
|
$
|
108
|
$
|
38
|
|