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FORECLOSURED REAL ESTATE AND REPOSSESSED ASSETS

3 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

FORECLOSURED REAL ESTATE AND REPOSSESSED ASSETS

FORECLOSED REAL ESTATE AND REPOSSESSED ASSETS

The following table provides an analysis of changes in foreclosed real estate and repossessed assets:

			Three Months Ended December 31,
(Dollars in Thousands)			2020						2019
Balance, beginning of period			$	9,957					$	29,494
Additions			9						41
Reductions:
Write-downs			123						83
Net proceeds from sale			2,657						23,085
(Gain) loss on sale			—						5,039
Total reductions			2,780						28,207
Balance, ending of period			$	7,186					$	1,328

At December 31, 2020 and September 30, 2020, the Company had established a valuation allowance of $0.6 million and $0.5 million for repossessed assets, respectively. As of December 31, 2020 and September 30, 2020, the Company had no loans or leases in the process of foreclosure.

During the fiscal year ended September 30, 2020, the Company sold $28.1 million of other real estate owned ("OREO"), which consisted of assets related to a Community Bank agriculture real estate customer. The sale consisted of 30-plus parcels of land and the Company recognized a $5.0 million loss that was included in the "Gain (loss) on sale of other" line on the Condensed Consolidated Statements of Operations. The Company also recognized $1.1 million in deferred rental income and $0.2 million in OREO expenses related to these foreclosed properties.

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- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

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