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Other Real Estate Owned

12 Months Ended

Dec. 31, 2019

Other Real Estate Owned [Abstract]

Other Real Estate Owned

Note 6 - Other real estate owned

At December 31, 2019 and 2018, OREO was $2,339 and $2,430 respectively. OREO is primarily comprised of residential properties and non-residential properties associated with commercial relationships. As of December 31, 2019 and 2018 respectively, there were no consumer mortgage loans secured by residential real estate that were in the process of foreclosure.  The following table represents the changes in OREO balance in 2019 and 2018.


OREO Changes
	Year Ended December 31,
	2019	2018
Balance at the beginning of the year	$2,430	$2,650
Transfers from Loans	785	850
Capitalized costs	-	-
Valuation adjustments	(287)	(185)
Sales	(570)	(846)
Gain (loss) on sales	(19)	(39)
Balance at the end of the year	$2,339	$2,430



There were four residential properties being carried in OREO at a value of $325 as of December 31, 2019.  There were four residential properties being carried in OREO at a value of $156 as of December 31, 2018.

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No definition available.

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- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

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-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2156429

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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