Other Real Estate Owned ("OREO") (Tables)
 12 Months Ended
Dec. 31, 2015
Other Real Estate Owned ("OREO") [Abstract]  
Foreclosed Real Estate Roll Forward

OREO assets are presented net of the allowance for losses. The Company considers OREO as classified assets for regulatory and financial reporting. OREO carrying amounts reflect management’s estimate of the realizable value of these properties incorporating current appraised values, local real estate market conditions and related costs. An analysis of the activity follows.

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

(dollars in thousands)

 

2015

 

2014

 

2013

Balance at beginning of year

 

$                  5,883 

 

$                  6,797 

 

$                  6,892 

Additions of underlying property

 

 5,436 

 

 2,742 

 

 1,852 

Disposals of underlying property

 

 (1,206)

 

 (2,422)

 

 (1,346)

Transfers of OREO to loans

 

 -

 

 (1,000)

 

 -

Valuation allowance

 

 (664)

 

 (234)

 

 (601)

Balance at end of period

 

$                  9,449 

 

$                  5,883 

 

$                  6,797 

 

Foreclosed Real Estate Expenses

Expenses applicable to OREO assets include the following.

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

(dollars in thousands)

 

2015

 

2014

 

2013

Valuation allowance

 

$                      664 

 

$                      234 

 

$                      601 

Operating expenses

 

 395 

 

 152 

 

 186 

 

 

$                    1,059 

 

$                      386 

 

$                      787