Other Real Estate Owned

9 Months Ended

Sep. 30, 2018

Park typically transfers a loan to other real estate owned ("OREO") at the time that Park takes deed/title to the asset. The carrying amounts of foreclosed properties held at September 30, 2018 and December 31, 2017 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, 2018		December 31, 2017
OREO:
Commercial real estate	$	2,359	$	7,888
Construction real estate	2,191		4,852
Residential real estate	726		1,450
Total OREO	$	5,276	$	14,190

Loans in process of foreclosure:
Residential real estate	$	2,743	$	2,948

In addition to real estate, Park may also repossess different types of collateral. As of September 30, 2018, Park had $7.2 million in other repossessed assets which are included in other assets on the consolidated condensed balance sheet. These assets consisted of aircraft acquired as part of a loan workout. There were no other repossessed assets as of September 30, 2017.

- 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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