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Other Real Estate Owned

6 Months Ended

Jun. 30, 2020

Other Real Estate Owned

Other Real Estate Owned

Note 5 – Other Real Estate Owned

Details related to the activity in the other real estate owned (“OREO”) portfolio, net of valuation reserve, for the periods presented are itemized in the following table:


		Three Months Ended						Six Months Ended
		June 30,						June 30,
Other real estate owned		2020			2019			2020			2019
Balance at beginning of period		$	5,049		$	6,365		$	5,004		$	7,175
Property additions, net of acquisition adjustments			93			-			584			-
Property improvements			-			-			-			-
Less:
Proceeds from property disposals, net of participation purchase and of gains/losses			-			501			288			1,302
Period valuation adjustments			60			196			218			196
Other adjustments			-			-			-			9
Balance at end of period		$	5,082		$	5,668		$	5,082		$	5,668

Activity in the valuation allowance was as follows:


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2020			2019			2020			2019
Balance at beginning of period		$	6,404		$	7,875		$	6,712		$	8,027
Provision for unrealized losses			60			196			218			196
Reductions taken on sales			-			(10)			(466)			(162)
Balance at end of period		$	6,464		$	8,061		$	6,464		$	8,061

Expenses related to OREO, net of lease revenue includes:


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2020			2019			2020			2019
Gain on sales, net		$	-		$	(77)		$	(23)		$	(150)
Provision for unrealized losses			60			196			218			196
Operating expenses			105			129			207			257
Less:
Lease revenue			22			-			22			5
Net OREO expense		$	143		$	248		$	380		$	298