v3.25.4
Other Real Estate Owned
12 Months Ended
Dec. 31, 2025
Other Real Estate Owned  
Other Real Estate Owned

6. Other Real Estate Owned

The following table presents the components of OREO, net of related valuation allowance, as of December 31, 2025 and 2024:

(in thousands)

  ​ ​ ​

2025

  ​ ​ ​

2024

Acquisition and development

$

1,083

$

2,698

Residential mortgage

364

Total OREO

$

1,083

$

3,062

The following table presents the activity in the OREO valuation allowance for the years ended December 31, 2025 and 2024:

(in thousands)

  ​ ​ ​

2025

  ​ ​ ​

2024

Balance January 1

$

199

$

313

Fair value write-downs, net

1,676

Sales of OREO

(191)

(114)

Balance December 31

$

1,684

$

199

The following table presents the components of OREO expenses, net, for the years ended December 31, 2025 and 2024:

(in thousands)

  ​ ​ ​

2025

  ​ ​ ​

2024

Gains on real estate, net

$

(77)

$

(161)

Fair value write-down

1,676

Expenses, net

638

435

Rental and other income

(2)

(3)

Total OREO expense, net

$

2,235

$

271