Other Real Estate Owned

12 Months Ended

Dec. 31, 2020

(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
December 31, 2020
Residential real estate	$	72	$	107	$	179
Commercial real estate	1,741		924		2,665
Residential land development	337		676		1,013
Commercial land development	1,777		338		2,115

Total	$	3,927	$	2,045	$	5,972
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 for the periods presented:


	Purchased OREO		Non Purchased OREO		Total OREO
Balance at December 31, 2018	$	6,187	$	4,853	$	11,040

Transfers of loans	2,287		2,477		4,764

Impairments	(890)		(375)		(1,265)
Dispositions	(2,305)		(4,193)		(6,498)
Other	(31)		—		(31)
Balance at December 31, 2019	$	5,248	$	2,762	$	8,010


Transfers of loans	4,058		4,530		8,588

Impairments	(1,581)		(579)		(2,160)
Dispositions	(3,747)		(4,668)		(8,415)
Other	(51)		—		(51)
Balance at December 31, 2020	$	3,927	$	2,045	$	5,972

At December 31, 2020 and 2019, the amortized cost of loans secured by Real Estate - 1-4 Family Mortgage in the process of foreclosure was $1,308 and $1,079, respectively.

Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows, as of the dates presented:


	December 31,
	2020		2019		2018
Repairs and maintenance	$	279	$	326	$	425
Property taxes and insurance	364		343		385
Impairments	2,160		1,265		1,545
Net (gains) losses on OREO sales	(23)		94		(423)
Rental income	(26)		(15)		(40)
Total	$	2,754	$	2,013	$	1,892