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Other Real Estate Owned | 12 Months Ended
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Dec. 31, 2020
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] |
Other Real Estate Owned | Other Real Estate Owned The following table sets forth activity in OREO for the periods indicated:
|  | Years Ended December 31,
|  | 2020 |  | 2019
|  | (in thousands)
Balance, beginning of period |  | $ | 552 |  |  | $ | 6,019 |
Transfers in |  | 1,033 |  |  | 386 |
Valuation adjustments |  | (70) |  |  | (195) |
Proceeds from sale of OREO property |  | (1,066) |  |  | (6,455) |
Gain on sale of OREO, net |  | 104 |  |  | 797 |
Balance, end of period |  | $ | 553 |  |  | $ | 552 |
At December 31, 2020, there were no foreclosed residential real estate properties held as a result of obtaining physical possession and the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $260 thousand.

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- 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=121593590&loc=d3e4437-111522 + Details
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