Other Real Estate Owned, net

3 Months Ended

Mar. 31, 2023

Other Real Estate Owned, Net [Abstract]

Other Real Estate Owned, Net

Note 6 - Other Real Estate Owned, net

The following table presents the components of other real estate owned (“OREO”) at March 31, 2023 and December 31, 2022:

(in thousands)	March 31, 2023		December 31, 2022
Acquisition and development	$	4,598	$	4,670
Residential mortgage		—		63
Total OREO, net	$	4,598	$	4,733

The following table presents the activity in the OREO valuation allowance for the three month period ended March 31, 2023 and 2022:

	Three Months Ended
	March 31,
(in thousands)	2023		2022
Balance beginning of period	$	453	$	453
Fair value adjustment		32		—
Sales of OREO		(148)		—
Balance at end of period	$	337	$	453

The following table presents the components of OREO (income)/expenses, net, for the three month periods ended March 31, 2023 and 2022:

	Three Months Ended
	March 31,
(in thousands)	2023		2022
Gains on sale of real estate, net	$	(36)	$	—
Fair value adjustment, net		32		—
Expenses, net		129		96
Rental and other income		(1)		(1)
Total OREO expenses, net	$	124	$	95