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Other Real Estate Owned and Repossessions (Tables)
 12 Months Ended
Dec. 31, 2020
Other Real Estate [Abstract]  
Summary of Foreclosed Property Activity

Other Real Estate Owned

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 years ended December 31, 2020 and 2019:

 

 

 

December 31,

2020

 

 

December 31,

2019

 

 

 

(Dollars in Thousands)

 

Beginning balance

 

$

1,078

 

 

$

1,505

 

Additions (1)

 

 

293

 

 

 

313

 

Sales proceeds

 

 

(413

)

 

 

(664

)

Gross gains

 

 

48

 

 

 

39

 

Gross losses

 

 

(47

)

 

 

(77

)

Net losses

 

 

1

 

 

 

(38

)

Impairment

 

 

(10

)

 

 

(38

)

Ending balance

 

$

949

 

 

$

1,078

 

 

 

(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 years ended December 31, 2020 and 2019:

 

 

 

December 31,

2020

 

 

December 31,

2019

 

 

 

(Dollars in Thousands)

 

Beginning balance

 

$

256

 

 

$

229

 

Transfers from loans

 

 

1,095

 

 

 

1,027

 

Sales proceeds

 

 

(674

)

 

 

(569

)

Gross gains

 

 

—

 

 

 

2

 

Gross losses

 

 

(432

)

 

 

(433

)

Net losses

 

 

(432

)

 

 

(431

)

Impairment

 

 

—

 

 

 

—

 

Ending balance

 

$

245

 

 

$

256