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Other Real Estate Owned

6 Months Ended

Jun. 30, 2019

Other Real Estate Owned [Abstract]

Other Real Estate Owned

Note 6 - Other Real Estate Owned



The following table presents the components of other real estate owned (“OREO”) at June 30, 2019 and December 31, 2018:







(in thousands)		June 30, 2019			December 31, 2018
Commercial real estate		$	1,902		$	2,599
Acquisition and development			2,598			3,218
Commercial and industrial			—			24
Residential mortgage			1,031			757
Total OREO		$	5,531		$	6,598



The following table presents the activity in the OREO valuation allowance for the six- and three-month periods ended June 30, 2019 and 2018:







		Six Months Ended						Three Months Ended
		June 30,						June 30,
(in thousands)		2019			2018			2019			2018
Balance beginning of period		$	1,988		$	2,740		$	1,366		$	2,911
Fair value write-down			828			478			711			183
Sales of OREO			(803)			(271)			(64)			(147)
Balance at end of period		$	2,013		$	2,947		$	2,013		$	2,947



The following table presents the components of OREO expenses, net, for the six- and three-month periods ended June 30, 2019 and 2018:







		Six Months Ended						Three Months Ended
		June 30,						June 30,
(in thousands)		2019			2018			2019			2018
(Gains)/losses on real estate, net		$	(11)		$	(183)		$	19		$	(163)
Fair value write-down, net			828			478			711			183
Expenses, net			166			272			91			124
Rental and other income			(54)			(74)			(35)			(36)
Total OREO expense, net		$	929		$	493		$	786		$	108

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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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