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Other Real Estate Owned | 9 Months Ended
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Sep. 30, 2020
Other Real Estate Owned [Abstract] |
Other Real Estate Owned | Foreclosed and Repossessed Assets Park typically transfers a loan to OREO at the time that Park takes deed/title to the real estate property asset. The carrying amounts of foreclosed real estate properties held at September 30, 2020 and December 31, 2019 are listed below, as well as the recorded investment of loans secured by residential real estate properties for which formal foreclosure proceedings were in process at those dates.
(in thousands) |  | September 30, 2020 |  | December 31, 2019
OREO: |  |  |  |
Commercial real estate |  | $ | 31 |  |  | $ | 2,295 |
Construction real estate |  | — |  |  | 879 |
Residential real estate |  | 805 |  |  | 855 |
Total OREO |  | $ | 836 |  |  | $ | 4,029 |
Loans in process of foreclosure: |  |  |  |
Residential real estate |  | $ | 2,679 |  |  | $ | 3,959 |
In addition to real estate, Park may also repossess different types of collateral. As of September 30, 2020 and December 31, 2019, Park had $3.6 million and $4.2 million, respectively, in other repossessed assets which are included in "Other assets" on the Consolidated Condensed Balance Sheets. As of both dates presented, the other repossessed assets largely consisted of an aircraft acquired as part of a loan workout.

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- Definition Other Real Estate Owned [Abstract] + 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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