Other Real Estate Owned

12 Months Ended

Dec. 31, 2022

Other Real Estate Owned [Abstract]

Other Real Estate Owned

7. Other Real Estate Owned

The following table presents the components of OREO, net of related valuation allowance, as of December 31, 2022 and 2021:

(in thousands)	2022		2021
Acquisition and development	$	4,670	$	4,477
Residential mortgage		63		—
Total OREO	$	4,733	$	4,477

The following table presents the activity in the OREO valuation allowance for the years ended December 31, 2022 and 2021:

(in thousands)	2022		2021
Balance January 1	$	453	$	1,010
Fair value write-down		—		59
Sales of OREO		—		(616)
Balance December 31	$	453	$	453

The following table presents the components of OREO expenses, net, for the years ended December 31, 2022 and 2021:

(in thousands)	2022		2021
Gains on real estate, net	$	—	$	(1,372)
Fair value write-down		—		59
Expenses, net		595		420
Rental and other income		(5)		(52)
Total OREO expenses/(income), net	$	590	$	(945)