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Other Real Estate Acquired in Settlement of Loans

3 Months Ended

Mar. 31, 2021

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

​

​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
(in thousands)	​	2021			2020
Commercial	​	$	920	​	$	920
Real estate construction - residential	​		—	​		—
Real estate construction - commercial	​		10,987	​		10,986
Real estate mortgage - residential	​		137	​		201
Real estate mortgage - commercial	​		2,798	​		2,798
Total	​	$	14,842	​	$	14,905
Less valuation allowance for other real estate owned	​		(2,702)	​		(2,614)
Total other real estate owned	​	$	12,140	​	$	12,291

​

Changes in the net carrying amount of other real estate owned were as follows for the periods indicated:

​

​	​	​	​	​	​	​	​
​	​	Three Months Ended March 31,					​
​		2021			2020
Balance at beginning of period	​	$	14,905	​	$	15,737	​
Additions	​	​	30	​	​	—	​
Proceeds from sales	​	​	(108)	​	​	—	​
Charge-offs against the valuation allowance for other real estate owned, net	​	​	—	​	​	—	​
Net gain on sales	​	​	15	​	​	—	​
Total other real estate owned	​	$	14,842	​	$	15,737	​
Less valuation allowance for other real estate owned	​	​	(2,702)	​	​	(2,968)	​
Balance at end of period	​	$	12,140	​	$	12,769	​
​	​	​	​	​	​	​	​

​

At March 31, 2021, $285,000 of consumer mortgage loans secured by residential real estate properties were in the process of foreclosure compared to $287,000 of consumer mortgage loans at December 31, 2020.

Activity in the valuation allowance for other real estate owned was as follows for the periods indicated:

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
(in thousands)		2021			2020
Balance, beginning of period	​	$	2,614	​	$	2,956
Provision for other real estate owned	​		88	​		12
Charge-offs	​		—	​		—
Balance, end of period	​	$	2,702	​	$	2,968
​	​	​	​	​	​	​

​

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- References

No definition available.

+ Details

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Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

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=121593590&loc=d3e4437-111522

+ Details

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Namespace Prefix:	us-gaap_
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Balance Type:	na
Period Type:	duration