Other Real Estate Owned

9 Months Ended

Sep. 30, 2023

(In Thousands)

The following table provides details of the Company’s other real estate owned (“OREO”), net of valuation allowances and direct write-downs, as of the dates presented:


	September 30, 2023		December 31, 2022
Residential real estate	$	1,045	$	699
Commercial real estate	8,182		62
Residential land development	4		246
Commercial land development	27		756

Total	$	9,258	$	1,763

Changes in the Company’s OREO were as follows:


	Total OREO
Balance at January 1, 2023	$	1,763


Transfers of loans	10,073

Impairments	(18)
Dispositions	(2,544)
Other	(16)
Balance at September 30, 2023	$	9,258

At September 30, 2023 and December 31, 2022, the amortized cost of loans secured by Real Estate - 1-4 Family Mortgage in the process of foreclosure was $489 and $375, respectively.

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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Repairs and maintenance	$	51	$	24	$	95	$	44
Property taxes and insurance	20		7		142		69
Impairments	10		59		18		110
Net gains on OREO sales	(200)		(54)		(289)		(611)
Rental income	(1)		(2)		(5)		(6)
Total	$	(120)	$	34	$	(39)	$	(394)