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Other Real Estate Owned

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Real Estate Owned

NOTE 11. Other Real Estate Owned

The following table is a summary of other real estate owned (“OREO”) activity for the nine months ended September 30, 2022 and 2021 and the year ended December 31, 2021:

		Nine Months Ended				Year Ended				Nine Months Ended
		September 30,				December 31,				September 30,
		2022				2021				2021
		(in thousands)
Balance, beginning		$	—			$	607			$	607
Transfer from loans			—				266				266
Gain on foreclosures			—				—				—
Sales			—				(781	)			(588	)
Valuation adjustments			—				(92	)			(92	)
Balance, ending		$	—			$	—			$	193

There was one consumer mortgage loan totaling $116 thousand collateralized by residential real estate in the process of foreclosure at September 30, 2022 and no consumer mortgage loans collateralized by residential real estate in the process of foreclosure at December 31, 2021.

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- References

No definition available.

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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 https://asc.fasb.org/extlink&oid=124259787&loc=d3e4437-111522

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