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OREO

12 Months Ended

Dec. 31, 2022

OREO

OREO

NOTE 6: OREO

​

At December 31, 2022 and 2021, the carrying amount of OREO was zero and $835,000 respectively. At December 31, 2021, OREO was primarily comprised of a property previously used by the Bank as a branch, which was consolidated into a nearby branch in 2019.  Changes in the balance for OREO are as follows:

​

​

​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(Dollars in thousands)		2022			2021
Balance at the beginning of year, gross	​	$	835	​	$	1,114	​
Additions	​		423	​		—	​
Charge-offs	​		—	​		(54)	​
Sales proceeds	​		(1,547)	​		(462)	​
Gain on disposition	​		289	​		237	​
Balance at the end of year, gross	​		—	​		835	​
Less valuation allowance	​		—	​		—	​
Balance at the end of year, net	​	$	—	​	$	835	​

​

Changes in the allowance for OREO losses are as follows:

​

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(Dollars in thousands)		2022			2021			2020
Balance at the beginning of year	​	$	—	​	$	207	​	$	88	​
Provision for losses	​		—	​		(153)	​		176	​
Charge-offs, net	​		—	​		(54)	​		(57)	​
Balance at the end of year	​	$	—	​	$	—	​	$	207	​

​

Net OREO gains of $289,000 were recognized upon the disposal of real estate in connection with the sale of former branch locations subsequent to consolidation into nearby branches and are included in other income (loss), net in the Consolidated Statements of Income for 2022.  Net OREO losses of $2,000, gains of $379,000 and losses of $213,000, including expenses associated with OREO properties, are included in other noninterest expense in the Consolidated Statements of Income for 2022, 2021 and 2020, 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 https://asc.fasb.org/extlink&oid=124259787&loc=d3e4437-111522

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