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OREO

12 Months Ended

Dec. 31, 2021

OREO

OREO

NOTE 6: OREO

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At December 31, 2021 and 2020, the carrying amount of OREO was $835,000 and $907,000 respectively. At both December 31, 2021 and 2020, OREO was primarily comprised of a property previously used by the Bank as a branch, which was consolidated into a nearby branch in 2019.  OREO is otherwise comprised of residential properties and non-residential properties associated with commercial relationships, and are located primarily in Virginia.  Changes in the balance for OREO are as follows:

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​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(Dollars in thousands)		2021			2020
Balance at the beginning of year, gross	​	$	1,114	​	$	1,191	​
Additions	​		—	​		344	​
Charge-offs	​		(54)	​		(57)	​
Sales proceeds	​		(462)	​		(364)	​
Gain on disposition	​		237	​		—	​
Balance at the end of year, gross	​		835	​		1,114	​
Less valuation allowance	​		—	​		(207)	​
Balance at the end of year, net	​	$	835	​	$	907	​

​

Changes in the allowance for OREO losses are as follows:

​

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(Dollars in thousands)		2021			2020			2019
Balance at the beginning of year	​	$	207	​	$	88	​	$	57	​
Provision for losses	​		(153)	​		176	​		31	​
Charge-offs, net	​		(54)	​		(57)	​		—	​
Balance at the end of year	​	$	—	​	$	207	​	$	88	​

​

Net OREO gains of $379,000, losses of $213,000 and losses of $58,000, including expenses associated with OREO properties, are included in other noninterest expense in the Consolidated Statements of Income for 2021, 2020 and 2019, respectively.

X

- References

No definition available.

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X

- 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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