Other Real Estate Owned Other Real Estate Owned

9 Months Ended

Sep. 30, 2017

Other Real Estate Owned ("OREO")

Park typically transfers a loan to OREO at the time that Park takes deed/title to the asset. The carrying amounts of foreclosed properties held at September 30, 2017 and December 31, 2016 are listed below, as well as the recorded investment of loans secured by residential real estate properties for which formal foreclosure proceedings were in process at those dates.



(in thousands)	September 30, 2017		December 31, 2016
OREO:
Commercial real estate	$	8,049	$	7,642
Construction real estate	4,861		4,624
Residential real estate	1,456		1,660
Total OREO	$	14,366	$	13,926

Loans in process of foreclosure:
Residential real estate	$	3,288	$	3,250

- 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

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+ Details