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Other Real Estate Owned, Net
 3 Months Ended
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)

$

—