Other Real Estate Owned

12 Months Ended

Dec. 31, 2023

Other Real Estate Owned, Net [Abstract]

Other Real Estate Owned, Net

6. Other Real Estate Owned

The following table presents the components of OREO, net of related valuation allowance, as of December 31, 2023 and 2022:

(in thousands)	2023		2022
Acquisition and development	$	4,281	$	4,670
Residential mortgage		212		63
Total OREO	$	4,493	$	4,733

The following table presents the activity in the OREO valuation allowance for the years ended December 31, 2023 and 2022:

(in thousands)	2023		2022
Balance January 1	$	453	$	453
Fair value write-downs, net		23		—
Sales of OREO		(163)		—
Balance December 31	$	313	$	453

The following table presents the components of OREO expenses, net, for the years ended December 31, 2023 and 2022:

(in thousands)	2023		2022
Gains on real estate, net	$	(599)	$	—
Fair value write-down		23		—
Expenses, net		491		595
Rental and other income		(4)		(5)
Total OREO (income)/expense, net	$	(89)	$	590