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Other Real Estate Owned | 6 Months Ended
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Jun. 30, 2020
Real Estate [Abstract] |
Other Real Estate Owned | Other Real Estate Owned (In Thousands) The following table provides details of the Company’s other real estate owned (“OREO”) purchased and non purchased, net of valuation allowances and direct write-downs, as of the dates presented:
| Purchased OREO |  | Non Purchased OREO |  | Total OREO
June 30, 2020 |  |  |  |  |
Residential real estate | $ | 361 |  |  | $ | 540 |  |  | $ | 901 |
Commercial real estate | 1,356 |  |  | 1,158 |  |  | 2,514 |
Residential land development | 533 |  |  | 2,507 |  |  | 3,040 |
Commercial land development | 2,181 |  |  | 489 |  |  | 2,670 |
Total | $ | 4,431 |  |  | $ | 4,694 |  |  | $ | 9,125 |
December 31, 2019 |  |  |  |  |
Residential real estate | $ | 890 |  |  | $ | 415 |  |  | $ | 1,305 |
Commercial real estate | 2,106 |  |  | 1,548 |  |  | 3,654 |
Residential land development | 530 |  |  | 369 |  |  | 899 |
Commercial land development | 1,722 |  |  | 430 |  |  | 2,152 |
Total | $ | 5,248 |  |  | $ | 2,762 |  |  | $ | 8,010 |
Changes in the Company’s purchased and non purchased OREO were as follows:
| Purchased OREO |  | Non Purchased OREO |  | Total OREO
Balance at January 1, 2020 | $ | 5,248 |  |  | $ | 2,762 |  |  | $ | 8,010 |
Transfers of loans | 791 |  |  | 3,468 |  |  | 4,259 |
Impairments | (588) |  |  | (239) |  |  | (827) |
Dispositions | (1,020) |  |  | (1,297) |  |  | (2,317) |
Balance at June 30, 2020 | $ | 4,431 |  |  | $ | 4,694 |  |  | $ | 9,125 |
Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented:
| Three Months Ended |  |  |  | Six Months Ended |  |
| June 30, |  |  |  | June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Repairs and maintenance | $ | 85 |  |  | $ | 116 |  |  | $ | 170 |  |  | $ | 211 |
Property taxes and insurance | 16 |  |  | 19 |  |  | 149 |  |  | 126 |
Impairments | 630 |  |  | 140 |  |  | 827 |  |  | 868 |
Net (gains) losses on OREO sales | (101) |  |  | (19) |  |  | (89) |  |  | 60 |
Rental income | (10) |  |  | (4) |  |  | (19) |  |  | (9) |
Total | $ | 620 |  |  | $ | 252 |  |  | $ | 1,038 |  |  | $ | 1,256 |

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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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