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Other Real Estate Owned, Net

6 Months Ended

Jun. 30, 2019

Note 6: Other Real Estate Owned, net

The following table presents the number and carrying values of properties included in other real estate owned (“OREO”) as of the dates stated.

	June 30, 2019				December 31, 2018
	Number of		Carrying		Number of		Carrying
	Properties		Value		Properties		Value
Residential		3	$	983		6	$	1,339
Land		16		1,729		17		1,741
Commercial properties		3		456		3		517
Total other real estate owned, net		22		3,168		26		3,597

There were three residential mortgage loans totaling $349 thousand in the process of foreclosure as of June 30, 2019.

- 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.

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