Other Real Estate Owned

6 Months Ended

Jun. 30, 2022

Other Real Estate Owned

Other Real Estate Owned

Note 5 – Other Real Estate Owned

Details related to the activity in the other real estate owned (“OREO”) portfolio, net of valuation allowance, for the periods presented are itemized in the following tables:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Other real estate owned	2022		2021		2022		2021
Balance at beginning of period	$	2,374	$	2,163	$	2,356	$	2,474
Property additions, net of acquisition adjustments		-		-		87		-
Less:
Proceeds from property disposals, net of participation purchase and of gains/losses		646		225		715		530
Period valuation write-down		104		61		104		67
Balance at end of period	$	1,624	$	1,877	$	1,624	$	1,877

Activity in the valuation allowance was as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Balance at beginning of period	$	1,179	$	1,649	$	1,179	$	1,643
(Release of) provision for unrealized losses		104		61		104		67
Reductions taken on sales		(363)		(414)		(363)		(414)
Balance at end of period	$	920	$	1,296	$	920	$	1,296

Expenses related to OREO, net of lease revenue includes:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Gain on sales, net	$	(81)	$	(15)	$	(130)	$	(35)
(Release of) provision for unrealized losses		104		61		104		67
Operating expenses		64		31		101		85
Less:
Lease revenue		-		-		-		4
Net OREO expense	$	87	$	77	$	75	$	113