Other Real Estate Owned, Net

6 Months Ended

Jun. 30, 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 June 30, 2022 and December 31, 2021:

(in thousands)	June 30, 2022		December 31, 2021
Acquisition and development	$	4,477	$	4,477
Residential mortgage		40		—
Total OREO, net	$	4,517	$	4,477

The following table presents the activity in the OREO valuation allowance for the six and three month periods ended June 30, 2022 and 2021:

	Six Months Ended				Three Months Ended
	June 30,				June 30,
(in thousands)	2022		2021		2022		2021
Balance beginning of period	$	453	$	1,010	$	453	$	1,004
Fair value adjustment		—		(160)		—		(164)
Sales of OREO		—		(307)		—		(297)
Balance at end of period	$	453	$	543	$	453	$	543

The following table presents the components of OREO (income)/expenses, net, for the six and three month periods ended June 30, 2022 and 2021:

	Six Months Ended				Three Months Ended
	June 30,				June 30,
(in thousands)	2022		2021		2022		2021
Gains on sale of real estate, net	$	—	$	(596)	$	—	$	(105)
Fair value adjustment, net		—		(160)		—		(164)
Expenses, net		249		195		153		72
Rental and other income		(2)		(49)		(1)		(1)
Total OREO expenses/(income), net	$	247	$	(610)	$	152	$	(198)