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Other Real Estate Owned | 12 Months Ended
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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

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=121593590&loc=d3e4437-111522 + Details
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