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Other Real Estate Owned and Repossessions | 12 Months Ended
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Dec. 31, 2019
Other Real Estate [Abstract] |
Other Real Estate Owned and Repossessions |
6. | OTHER REAL ESTATE OWNED AND REPOSSESSIONS
Other real estate and certain other assets acquired in foreclosure are reported at the net realizable value of the property, less estimated costs to sell. The following tables summarize foreclosed property activity as of December 31, 2019 and 2018:
|  | December 31, 2019 |
|  | Bank |  |  | ALC |  |  | Total |
|  | (Dollars in Thousands) |
Beginning balance |  | $ | 1,401 |  |  | $ | 104 |  |  | $ | 1,505 |
Additions (1) |  |  | 224 |  |  |  | 89 |  |  |  | 313 |
Sales proceeds |  |  | (582 | ) |  |  | (82 | ) |  |  | (664 | )
Gross gains |  |  | 37 |  |  |  | 2 |  |  |  | 39 |
Gross losses |  |  | (51 | ) |  |  | (26 | ) |  |  | (77 | )
Net gains (losses) |  |  | (14 | ) |  |  | (24 | ) |  |  | (38 | )
Impairment |  |  | — |  |  |  | (38 | ) |  |  | (38 | )
Ending balance |  | $ | 1,029 |  |  | $ | 49 |  |  | $ | 1,078 |
|  | December 31, 2018 |
|  | Bank |  |  | ALC |  |  | Total |
|  | (Dollars in Thousands) |
Beginning balance |  | $ | 3,527 |  |  | $ | 265 |  |  | $ | 3,792 |
Additions (1) |  |  | 399 |  |  |  | 57 |  |  |  | 456 |
Sales proceeds |  |  | (2,567 | ) |  |  | (89 | ) |  |  | (2,656 | )
Gross gains |  |  | 267 |  |  |  | 15 |  |  |  | 282 |
Gross losses |  |  | (46 | ) |  |  | (81 | ) |  |  | (127 | )
Net gains (losses) |  |  | 221 |  |  |  | (66 | ) |  |  | 155 |
Impairment |  |  | (179 | ) |  |  | (63 | ) |  |  | (242 | )
Ending balance |  | $ | 1,401 |  |  | $ | 104 |  |  | $ | 1,505 |
| (1) | Additions to OREO include transfers from loans, capitalized improvements to existing OREO properties and OREO acquired through acquisitions.
Valuation adjustments are recorded in other non-interest expense and are primarily post-foreclosure write-downs that are a result of continued declining property values based on updated appraisals or other indications of value, such as offers to purchase. Net realizable value less estimated costs to sell of foreclosed residential real estate held by the Company was $0.1 million and $0.2 million as of December 31, 2019 and 2018, respectively. In addition, the Company held $0.7 million of consumer mortgage loans collateralized by residential real estate that were in the process of foreclosure as of December 31, 2019 and did not hold any of these loans as of December 31, 2018. Repossessions In addition to the other real estate and other assets acquired in foreclosure, the Bank and ALC also acquire assets through the repossession of the underlying collateral of loans in default. Total repossessed assets as of December 31, 2019 and 2018 were $0.3 million and $0.2 million, respectively.

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- References No definition available. + Details
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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=118952595&loc=d3e4437-111522 + Details
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