Other Real Estate Owned

12 Months Ended

Dec. 31, 2024

Other Real Estate Owned

Other Real Estate Owned

6. Other Real Estate Owned

The following table presents the components of OREO, net of related valuation allowance, as of December 31, 2024 and 2023:

(in thousands)	2024		2023
Acquisition and development	$	2,698	$	4,281
Residential mortgage		364		212
Total OREO	$	3,062	$	4,493

The following table presents the activity in the OREO valuation allowance for the years ended December 31, 2024 and 2023:

(in thousands)	2024		2023
Balance January 1	$	313	$	453
Fair value write-downs, net		—		23
Sales of OREO		(114)		(163)
Balance December 31	$	199	$	313

The following table presents the components of OREO expenses, net, for the years ended December 31, 2024 and 2023:

(in thousands)	2024		2023
Gains on real estate, net	$	(161)	$	(599)
Fair value write-down		—		23
Expenses, net		435		491
Rental and other income		(3)		(4)
Total OREO expense/(income), net	$	271	$	(89)