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Note 7 - Other Real Estate Owned

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Real Estate Owned [Text Block]

Note 7. Other Real Estate Owned

Changes in the other real estate owned at December 31, 2020 and 2019 are as follows (in thousands):

		2020				2019
Balance, beginning of year		$	4,004			$	830
Transfer of loans			11				382
Acquired as a part of the acquisition			-				3,582
Net proceeds from sale			(3,819	)			(834	)
Gain on sale and foreclosure, net			22				44
Balance, end of year		$	218			$	4,004

The following table provides the composition of other real estate owned at December 31, 2020 and 2019 are as follows (in thousands):

		2020				2019
Agricultural land		$	-			$	3,602
1 to 4 family residential houses			218				402
Total other real estate owned		$	218			$	4,004

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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 http://asc.fasb.org/extlink&oid=121593590&loc=d3e4437-111522

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