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Other Real Estate Owned

12 Months Ended

Dec. 31, 2020

Other Real Estate Owned [Abstract]

Other Real Estate Owned

Note 6 - Other real estate owned

At December 31, 2020 and 2019, OREO was $1,105 and $2,339 respectively. OREO is primarily comprised of residential properties and non-residential properties associated with commercial relationships. As of December 31, 2020 and 2019 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 2020 and 2019.


OREO Changes
	Year Ended December 31,
	2020	2019
Balance at the beginning of the year	$2,339	$2,430
Transfers from Loans	18	785
Capitalized costs	-	-
Valuation adjustments	(437)	(287)
Sales	(844)	(570)
Gain (loss) on sales	29	(19)
Balance at the end of the year	$1,105	$2,339



There were no residential properties being carried in OREO as of December 31, 2020.  There were four residential properties being carried in OREO at a value of $325 as of December 31, 2019.

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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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