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Other Real Estate Owned | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
Other Real Estate Owned | 7. Other Real Estate Owned The following table shows changes in Other Real Estate Owned (“OREO”) during the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019
​ | ​ | (In thousands)
Balance at beginning of period | ​ | $ | 208 | ​ | $ | 239 | ​ | $ | 239 | ​ | $ | —
Acquisitions | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 239
Reductions to carrying value | ​ |  | — | ​ |  | — | ​ |  | (31) | ​ |  | —
Sales | ​ | ​ | (208) | ​ | ​ | — | ​ | ​ | (208) | ​ | ​ | —
Balance at end of period | ​ | $ | — | ​ | $ | 239 | ​ | $ | — | ​ | $ | 239
​ The following table shows the gross gains, gross losses and write-downs of OREO reported in the Consolidated Statements of Income during the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019
​ | ​ | (In thousands)
Gross gains | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Gross losses | ​ |  | (5) | ​ |  | — | ​ |  | (5) | ​ |  | —
Write-down of carrying value | ​ |  | — | ​ |  | — | ​ |  | (31) | ​ |  | —
Total income | ​ | $ | (5) | ​ | $ | — | ​ | $ | (36) | ​ | $ | —
​ Included within net loans as of September 30, 2020 and December 31, 2019 were $6.1 million and $6.6 million, respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdiction.

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- Definition n/a. + References No definition available. + Details
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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=118952595&loc=d3e4437-111522 + Details
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