Other Real Estate Owned, Net

3 Months Ended

Mar. 31, 2020

Other Real Estate Owned, Net [Abstract]

Other Real Estate Owned, Net

Note 7 - Other Real Estate Owned, net

The following table presents the components of other real estate owned (“OREO”) at March 31, 2020 and December 31, 2019:

(in thousands)	March 31, 2020		December 31, 2019
Commercial real estate	$	2,256	$	2,256
Acquisition and development		1,708		1,780
Residential mortgage		76		91
Total OREO	$	4,040	$	4,127

The following table presents the activity in the OREO valuation allowance for the three-month periods ended March 31, 2020 and 2019:

	Three Months Ended
	March 31,
(in thousands)	2020		2019
Balance beginning of period	$	1,790	$	1,988
Fair value write-down		26		117
Sales of OREO		(36)		(739)
Balance at end of period	$	1,780	$	1,366

The following table presents the components of OREO expenses, net, for the three-month periods ended March 31, 2020 and 2019:

	Three Months Ended
	March 31,
(in thousands)	2020		2019
Gains on real estate, net	$	(10)	$	(30)
Fair value write-down, net		26		117
Expenses, net		34		75
Rental and other income		(50)		(19)
Total OREO expense, net	$	—	$	143