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Other Real Estate Owned
 3 Months Ended
Mar. 31, 2021
Other Real Estate [Abstract]  
Other Real Estate Owned

Note 7 – Other Real Estate Owned

 

The following table presents the number and carrying values of properties included in other real estate owned (“OREO”) as of the dates stated.

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

Number of

 

 

Carrying

 

 

Number of

 

 

Carrying

 

 

 

Properties

 

 

Value

 

 

Properties

 

 

Value

 

Residential

 

 

1

 

 

$

—

 

 

 

1

 

 

$

—

 

Land

 

 

6

 

 

 

420

 

 

 

—

 

 

 

—

 

Commercial properties

 

 

1

 

 

 

174

 

 

 

—

 

 

 

—

 

Total other real estate owned

 

 

8

 

 

$

594

 

 

 

1

 

 

$

—

 

 

As a result of the Bay Banks Merger, the Company acquired $598 thousand of OREO as of the merger date. As of March 31, 2021, the carrying value of the OREO portfolio totaled $594 thousand.

As of December 31, 2020, the Company had one OREO property with a carrying value of $0 that was acquired in 2019 as a result of the merger with Virginia Community Bankshares, Inc.

No residential mortgage loans were in the process of foreclosure as of March 31, 2021.