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Other Real Estate Owned and Repossessed Assets (Tables)

12 Months Ended

Dec. 31, 2021

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 during the years ended December 31, 2021 and 2020:

	December 31, 2021			December 31, 2020
	(Dollars in Thousands)
Beginning balance	$	949		$	1,078
Additions ⁽¹⁾		1,981			293
Sales proceeds		(1,205	)		(413	)
Gross gains		491			48
Gross losses		—			(47	)
Net gains		491			1
Impairment		(67	)		(10	)
Ending balance	$	2,149		$	949

⁽¹⁾

Additions to other real estate owned (“OREO”) include transfers from loans, transfers from closed Bank and ALC branches, and capitalized improvements to existing OREO properties.

Summary of Repossessed Assets Activity

The following table summarizes repossessed asset activity during the years ended December 31, 2021 and 2020:

	December 31, 2021			December 31, 2020
	(Dollars in Thousands)
Beginning balance	$	245		$	256
Transfers from loans		803			1,095
Sales proceeds		(798	)		(674	)
Gross gains		—			—
Gross losses		(96	)		(432	)
Net losses		(96	)		(432	)
Impairment		—			—
Ending balance	$	154		$	245

Repossessed assets are included in Other Assets in the Company’s consolidated balance sheet.