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Other Real Estate Acquired in Settlement of Loans

12 Months Ended

Dec. 31, 2020

Other Real Estate Acquired in Settlement of Loans

Other Real Estate Acquired in Settlement of Loans

(3)     Other Real Estate Acquired in Settlement of Loans

​

​	​	​	​	​	​	​
(in thousands)	​	2020			2019
Commercial	​	$	920	​	$	1,155
Real estate construction - commercial	​		10,986	​		11,553
Real estate mortgage - residential	​		201	​		230
Real estate mortgage - commercial	​		2,798	​		2,799
Total	​	$	14,905	​	$	15,737
Less valuation allowance for other real estate owned	​		(2,614)	​		(2,956)
Total other real estate owned	​	$	12,291	​	$	12,781

​

Changes in the net carrying amount of other real estate owned for the years indicated:

​

​	​	​
Balance at December 31, 2018	$	16,693
Additions	​	452
Proceeds from sales	​	(1,435)
Charge-offs against the valuation allowance for other real estate owned, net	​	(95)
Net gain on sales	​	122
Balance at December 31, 2019	$	15,737
Additions	​	73
Proceeds from sales	​	(516)
Charge-offs against the valuation allowance for other real estate owned, net	​	(347)
Donation	​	(266)
Net gain on sales		224
Total other real estate owned	$	14,905
Less valuation allowance for other real estate owned		(2,614)
Balance at December 31, 2020	$	12,291

​

At December 31, 2020, $287,000 of consumer mortgage loans secured by residential real estate properties were in the process of foreclosure compared to $252,000 of consumer mortgage loans in the process of foreclosure at December 31, 2019.

Activity in the valuation allowance for other real estate owned in settlement of loans for the years indicated:

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​	​	​	​	​	​	​	​	​	​
(in thousands)		2020		​	2019		​	2018
Balance, beginning of period	​	$	2,956	​	$	3,002	​	$	3,221
Provision for other real estate owned	​	​	5	​	​	49	​	​	26
Charge-offs	​	​	(347)	​	​	(95)	​	​	(245)
Balance, end of period	​	$	2,614	​	$	2,956	​	$	3,002

​

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- References

No definition available.

+ Details

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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

+ Details

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