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Other Real Estate Owned

12 Months Ended

Dec. 31, 2021

Other Real Estate Owned [Abstract]

Other Real Estate Owned

10. Other Real Estate Owned

The following table presents the components of OREO, net of related valuation allowance, as of December 31, 2021 and 2020:

​

​	​	​	​	​	​	​
​	​	​	​	​	​	​
(in thousands)		2021			2020
Commercial real estate	​	$	—	​	$	945
Acquisition and development	​	​	4,477	​	​	8,441
Residential mortgage	​	​	—	​	​	—
Total OREO	​	$	4,477	​	$	9,386

​

The following table presents the activity in the OREO valuation allowance for the years ended December 31, 2021 and 2020:

​

​	​	​	​	​	​	​
​	​	​	​	​	​	​
(in thousands)		2021			2020
Balance January 1	​	$	1,010	​	$	1,790
Fair value write-down	​	​	59	​	​	116
Sales of OREO	​	​	(616)	​	​	(896)
Balance December 31	​	$	453	​	$	1,010

​

The following table presents the components of OREO expenses, net, for the years ended December 31, 2021 and 2020:

​

​	​	​	​	​	​	​
​	​	​	​	​	​	​
(in thousands)		2021			2020
Gains on real estate, net	​	$	(1,372)	​	$	(130)
Fair value write-down	​	​	59	​	​	116
Expenses, net	​	​	420	​	​	184
Rental and other income	​	​	(52)	​	​	(159)
Total OREO (income)/ expenses, net	​	$	(945)	​	$	11

​

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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=124259787&loc=d3e4437-111522

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