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OTHER REAL ESTATE OWNED

12 Months Ended

Dec. 31, 2020

OTHER REAL ESTATE OWNED

OTHER REAL ESTATE OWNED

8.            OTHER REAL ESTATE OWNED

Other real estate owned as of the dates indicated consisted of the following:

​

​	​	​	​	​	​	​
​		December 31,			December 31,
​	​	2020		​	2019
Land	​	$	429	​	$	574
Total	​	$	429	​	$	574

​

As of December 31, 2020, there were two residential mortgage loans in the process of foreclosure totaling $690,000, compared to none at 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=121593590&loc=d3e4437-111522

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