Other Real Estate Owned

12 Months Ended

Dec. 31, 2020

Other Real Estate Owned [Abstract]

Other Real Estate Owned

9. Other Real Estate Owned

The following table presents the components of OREO, net of related valuation allowance, as of December 31, 2020 and 2019:

(in thousands)	2020		2019
Commercial real estate	$	945	$	2,256
Acquisition and development		8,441		1,780
Residential mortgage		—		91
Total OREO	$	9,386	$	4,127

In February 2021, the Bank received proceeds of $2.2 million from a sale of a parcel in an A&D property.

The following table presents the activity in the OREO valuation allowance for the years ended December 31, 2020 and 2019:

(in thousands)	2020		2019
Balance January 1	$	1,790	$	1,988
Fair value write-down		116		1,459
Sales of OREO		(896)		(1,657)
Balance December 31	$	1,010	$	1,790

The following table presents the components of OREO expenses, net, for the years ended December 31, 2020 and 2019:

(in thousands)	2020		2019
Gains on real estate, net	$	(130)	$	(160)
Fair value write-down		116		1,459
Expenses, net		184		319
Rental and other income		(159)		(76)
Total OREO expenses, net	$	11	$	1,542