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Other Real Estate Owned and Repossessed Assets (Tables) | 9 Months Ended
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Sep. 30, 2020
Other Real Estate [Abstract] |
Summary of Foreclosed Property Activity | 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 table summarizes foreclosed property activity as of the nine months ended September 30, 2020 and 2019:
|  | September 30, 2020 |  |  | September 30, 2019 |
|  | (Dollars in Thousands) |
Beginning balance |  | $ | 1,078 |  |  | $ | 1,505 |
Additions (1) |  |  | 293 |  |  |  | 312 |
Sales proceeds |  |  | (370 | ) |  |  | (523 | )
Gross gains |  |  | 38 |  |  |  | 39 |
Gross losses |  |  | (44 | ) |  |  | (47 | )
Net losses |  |  | (6 | ) |  |  | (8 | )
Impairment |  |  | (10 | ) |  |  | (38 | )
Ending balance |  | $ | 985 |  |  | $ | 1,248 |
| (1) | Additions to other real estate owned (“OREO”) include transfers from loans, other assets and capitalized improvements to existing OREO properties.
Summary of Repossessed Assets Activity | The following table summarizes repossessed asset activity as of the nine months ended September 30, 2020 and 2019:
|  | September 30, 2020 |  |  | September 30, 2019 |
|  | (Dollars in Thousands) |
Beginning balance |  | $ | 256 |  |  | $ | 229 |
Transfers from loans |  |  | 746 |  |  |  | 736 |
Sales proceeds |  |  | (446 | ) |  |  | (477 | )
Gross gains |  |  | — |  |  |  | 2 |
Gross losses |  |  | (401 | ) |  |  | (370 | )
Net losses |  |  | (401 | ) |  |  | (368 | )
Impairment |  |  | — |  |  |  | — |
Ending balance |  | $ | 155 |  |  | $ | 120 |

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- Definition Other real estate assets acquired in foreclosure roll forward. + References No definition available. + Details
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- Definition Other real estate assets acquired in repossessions. + References No definition available. + Details
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- References No definition available. + Details
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