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Other Real Estate Owned, Net | 3 Months Ended
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Mar. 31, 2021
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, 2021 and December 31, 2020:
(in thousands) |  | March 31, ‎2021 |  | December 31, ‎2020
Commercial real estate |  | $ | 945 |  | $ | 945
Acquisition and development |  |  | 6,588 |  |  | 8,441
Residential mortgage |  |  | — |  |  | —
Total OREO, net |  | $ | 7,533 |  | $ | 9,386
The following table presents the activity in the OREO valuation allowance for the three month periods ended March 31, 2021 and 2020:
|  | Three Months Ended
|  | March 31,
(in thousands) |  | 2021 |  | 2020
Balance beginning of period |  | $ | 1,010 |  | $ | 1,790
Fair value write-down |  |  | 4 |  |  | 26
Sales of OREO |  |  | (10) |  |  | (36)
Balance at end of period |  | $ | 1,004 |  | $ | 1,780
The following table presents the components of OREO (income)/expenses, net, for the three month periods ended March 31, 2021 and 2020:
|  | Three Months Ended
|  | March 31,
(in thousands) |  | 2021 |  | 2020
Gains on sale of real estate, net |  | $ | (491) |  | $ | (10)
Fair value write-down, net |  |  | 4 |  |  | 26
Expenses, net |  |  | 123 |  |  | 34
Rental and other income |  |  | (48) |  |  | (50)
Total OREO (income)/expense, net |  | $ | (412) |  | $ | —

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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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