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Other Real Estate Owned

12 Months Ended

Dec. 31, 2019

Other Real Estate [Abstract]

Other Real Estate Owned

Note 7 – Other Real Estate Owned

Other real estate owned represents residential and commercial properties primarily owned as a result of loan collection activities and is reported net of a valuation allowance.  Activity within other real estate owned was as follows:

(Dollars in thousands)		2019				2018				2017
Balance, beginning of year		$	102			$	106			$	437
Transfers from loans			347				432				314
Acquisition from County Bank Corp			1,364				—				—
Proceeds from sales			(938	)			(515	)			(663	)
Gains/(losses) on sales			54				79				18
Balance, end of year		$	929			$	102			$	106

Included in the balances above were residential real estate mortgage loans of $175,000, $102,000, and $106,000 as of December 31, 2019, 2018, and 2017, respectively, and $754,000 of commercial real estate loans as of December 31, 2019.

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- References

No definition available.

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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=118952595&loc=d3e4437-111522

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