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Other Real Estate Owned (Notes)

12 Months Ended

Dec. 31, 2021

NOTE 24. Other Real Estate Owned

The following table is a summary of other real estate owned (OREO) activity for the twelve months ended December 31, 2021 and 2020:

	Year Ended			Year Ended
	December 31,			December 31,
	2021			2020
Balance, beginning	$	607		$	183
Net loans transferred to OREO		266			441
Gain on foreclosure		—			166
Sales		(781	)		(183	)
Valuation adjustments		(92	)		—
Balance, ending	$	—		$	607

The major classifications of other real estate owned in the consolidated balance sheets at December 31, 2021 and 2020 were as follows:

	As of
	December 31, 2021		December 31, 2020
	(in thousands)
Construction and Farmland	$	—	$	—
Residential Real Estate		—		165
Commercial Real Estate		—		442
Subtotal	$	—	$	607
Less valuation allowance		—		—
Total	$	—	$	607

There were no other real estate owned loans in the process of foreclosure at December 31, 2021. There was one consumer mortgage loan totaling $68 thousand collateralized by residential real estate in the process of foreclosure at December 31, 2020.