Other Real Estate Owned, Net

6 Months Ended

Jun. 30, 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 OREO at June 30, 2020 and December 31, 2019:

(in thousands)	June 30, ‎2020		December 31, ‎2019
Commercial real estate	$	2,256	$	2,256
Acquisition and development		1,670		1,780
Residential mortgage		—		91
Total OREO, net	$	3,926	$	4,127

The following table presents the activity in the OREO valuation allowance for the six and three month periods ended June 30, 2020 and 2019:

	Six Months Ended				Three Months Ended
	June 30,				June 30,
(in thousands)	2020		2019		2020		2019
Balance beginning of period	$	1,790	$	1,988	$	1,780	$	1,366
Fair value write-down		39		828		13		711
Sales of OREO		(95)		(803)		(59)		(64)
Balance at end of period	$	1,734	$	2,013	$	1,734	$	2,013

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The following table presents the components of OREO expenses, net, for the six and three month periods ended June 30, 2020 and 2019:

	Six Months Ended				Three Months Ended
	June 30,				June 30,
(in thousands)	2020		2019		2020		2019
Gains on real estate, net	$	(21)	$	(11)	$	(11)	$	19
Fair value write-down, net		39		828		13		711
Expenses, net		65		166		31		91
Rental and other income		(86)		(54)		(36)		(35)
Total OREO expense, net	$	(3)	$	929	$	(3)	$	786