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OREO | 12 Months Ended
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Dec. 31, 2020
OREO. |
OREO | Note 5. OREO ​ OREO represents properties acquired through foreclosure or other proceedings in settlement of loans and is included in other assets in the accompanying Consolidated Balance Sheets. The following table summarizes the composition of the Company’s OREO balances as of December 31, 2020 and 2019 (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31,
​ |  | 2020 |  | 2019
Commercial |  | $ | 4,206 |  | $ | 2,657
Residential |  | ​ | 364 |  | ​ | 399
Other repossessed assets | ​ |  | 1 | ​ |  | 1
Total OREO | ​ | $ | 4,571 | ​ | $ | 3,057
​ At December 31, 2020, the Company had $1.0 million of residential real estate in the process of foreclosure. The Company has elected to follow Federal Housing Finance Agency guidelines on single-family foreclosures and real estate owned evictions on portfolio loans. The agency has extended the moratoriums on single-family foreclosures and real estate owned evictions until at least March 31, 2021. Additionally, the Company follows all COVID-19 related state foreclosure and eviction orders. These guidelines and orders are likely to be updated, and most foreclosures will be delayed into mid-2021 or beyond. ​ The following table summarizes activity related to OREO (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Years Ended December 31,
​ |  | 2020 |  | 2019
OREO: |  | ​ | ​ | ​ | ​ | ​
Beginning balance |  | $ | 3,057 |  | $ | 376
Additions, transfers from loans | ​ |  | 2,867 | ​ |  | 4,872
Additions, fair value from acquisition | ​ | ​ | — | ​ | ​ | 149
Sales of OREO | ​ |  | (1,282) | ​ |  | (2,277)
Capitalized improvements | ​ | ​ | — | ​ | ​ | 2
Cash payments collected | ​ |  | (3) | ​ |  | (3)
Valuation allowance for OREO | ​ | ​ | (68) | ​ | ​ | (62)
Ending balance | ​ | $ | 4,571 | ​ | $ | 3,057
​

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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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