Other Real Estate Owned, Net

3 Months Ended

Mar. 31, 2022

Other Real Estate Owned, Net [Abstract]

Other Real Estate Owned, Net

Note 5 - Other Real Estate Owned, net

The following table presents the components of other real estate owned (“OREO”) at March 31, 2022 and December 31, 2021:

(in thousands)	March 31, 2022		December 31, 2021
Acquisition and development	$	4,477	$	4,477
Total OREO, net	$	4,477	$	4,477

The following table presents the activity in the OREO valuation allowance for the three month periods ended March 31, 2022 and 2021:

	Three Months Ended
	March 31,
(in thousands)	2022		2021
Balance beginning of period	$	454	$	1,010
Fair value adjustment		—		4
Sales of OREO		—		(10)
Balance at end of period	$	454	$	1,004

The following table presents the components of OREO (income)/expenses, net, for the three month periods ended March 31, 2022 and 2021:

	Three Months Ended
	March 31,
(in thousands)	2022		2021
Gains on sale of real estate, net	$	—	$	(491)
Fair value adjustment, net		—		4
Expenses, net		96		123
Rental and other income		(1)		(48)
Total OREO expenses/(income), net	$	95	$	(412)