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Other Real Estate Owned and Bank Premises Held for Sale

3 Months Ended

Mar. 31, 2021

Other Real Estate Owned and Bank Premises Held for Sale

Other Real Estate Owned and Bank Premises Held for Sale

Note 8 — Other Real Estate Owned and Bank Premises Held for Sale

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The following is a summary of information pertaining to OREO and Bank Premises Held for Sale:

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​	​	​	​	​
​	​	Three Months Ended March 31,		​
(Dollars in thousands)	​	2021		​
Balance, December 31, 2020		$	47,920	​
Additions	​	​	4,160	​
Writedowns	​	​	(468)	​
Sold	​	​	(8,948)	​
Balance, March 31, 2021	​	$	42,664	​
Other Real Estate Owned at March 31, 2021	​	​	11,471	​
Bank Premises Held for Sale at March 31, 2021	​	$	31,193	​

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At March 31, 2021, there were a total of 41 properties included in OREO compared to 42 properties at December 31, 2020. At March 31, 2021, there were a total of 29 properties included in bank premises held for sale which compares to 33 properties included in premises held for sale, at December 31, 2020. During the second quarter of 2020, a reclassification was made so that bank property held for sale is now separately disclosed on the balance sheet. At March 31, 2021, we had $1.1 million in residential real estate included in OREO and $4.7 million in residential real estate consumer mortgage loans in the process of foreclosure.

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- References

No definition available.

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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

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