FORECLOSURED REAL ESTATE AND REPOSSESSED ASSETS |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FORECLOSURED REAL ESTATE AND REPOSSESSED ASSETS | FORECLOSED REAL ESTATE AND REPOSSESSED ASSETS The following table provides an analysis of changes in foreclosed real estate and repossessed assets:
At June 30, 2020 and September 30, 2019, the Company had established a valuation allowance of $0.5 million and $0.1 million for repossessed assets, respectively. As of June 30, 2020 and September 30, 2019, the Company had no loans or leases in the process of foreclosure. During the nine months ended June 30, 2020, the Company sold $28.1 million of other real estate owned ("OREO"), which consisted of assets related to a Community Bank agriculture real estate customer. The sale occurred via public auction and consisted of 30-plus parcels of land. The sale of 30-plus parcels closed in the fiscal 2020 first quarter. The Company applied Subtopic ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets to record the sale. The following table is a summary of the sale transaction, as reflected in the Company's financial statements:
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