XML 50 R35.htm IDEA: XBRL DOCUMENT v3.6.0.2
Other Real Estate Owned (OREO)
 12 Months Ended
Dec. 31, 2016
Banking and Thrift [Abstract]  
Other Real Estate Owned (OREO)
Other Real Estate Owned ("OREO")

At December 31, 2016 and 2015, OREO balances were $5.1 million and $3.3 million, respectively. OREO is primarily comprised of residential properties and non-residential properties, and are located primarily in the state of Virginia. Changes in the balance for OREO, net of valuation allowances, are as follows:
(Dollars in thousands)
December 31, 2016
 
December 31, 2015
Balance at the beginning of year, net
$
3,345

 
$
4,051

Transfers from loans, net
2,645

 
287

Purchased loans
40

 
—

Sales proceeds
(713
)
 
(814
)
Gain (loss) on disposition
66

 
(100
)
Less valuation adjustments
(310
)
 
(79
)
Balance at the end of year, net
$
5,073

 
$
3,345



Net expenses applicable to OREO, were $363,000, $284,000 and $256,000 as of December 31, 2016, 2015 and 2014, respectively.

The major classifications of OREO in the consolidated balance sheets at December 31, 2016 and 2015 were as follows:
(Dollars in thousands)
December 31, 2016
 
December 31, 2015
Real estate loans:
 
 
 
Construction
$
946

 
$
853

Secured by 1-4 family residential
3,767

 
1,958

Other real estate loans
360

 
534

Total real estate loans
$
5,073

 
$
3,345



At December 31, 2016, the Company had no consumer mortgage loan secured by residential real estate for which foreclosure was in process. At December 31, 2015, the Company had one consumer mortgage loan secured by residential real estate for which foreclosure was in process. The amount of this loan was $533,000 at December 31, 2015.