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Other Real Estate Owned

6 Months Ended

Jun. 30, 2022

Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract]

Other Real Estate Owned

Other Real Estate Owned

The following tables set forth activity in OREO for the periods indicated:

						Three Months Ended June 30,												Six Months Ended June 30,
						2022						2021						2022						2021
						(in thousands)
Balance, beginning of period						$	381					$	521					$	381					$	553
Valuation adjustments						(149)						(140)						(149)						(140)
Proceeds from sale of OREO property						(200)						—						(200)						(132)
Gain on sale of OREO, net						1						—						1						100
Balance, end of period						$	33					$	381					$	33					$	381

At June 30, 2022, there were no foreclosed residential real estate properties held as OREO. Additionally, there were no consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process.

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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 https://asc.fasb.org/extlink&oid=124259787&loc=d3e4437-111522

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