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Other Real Estate Owned
 12 Months Ended
Dec. 31, 2021
Other Real Estate [Abstract]  
Other Real Estate Owned

Note 21. Other Real Estate Owned

 

At December 31, 2021 and 2020, Other Real Estate Owned was $775,000 and $1.2 million, respectively. OREO is comprised of non-residential property associated with a commercial relationship and located in Virginia. Changes in the balance for OREO are as follows:

 

(Dollars in thousands)

 

2021

 

 

2020

 

Balance, beginning of year

 

$

1,180

 

 

$

1,207

 

Loss on valuation, net

 

 

(22

)

 

 

(432

)

Sale of other real estate owned

 

 

(383

)

 

 

—

 

Transfers between loans and other real estate owned

 

 

—

 

 

 

362

 

Gain on transfer of real estate

 

 

—

 

 

 

43

 

Balance, end of year

 

$

775

 

 

$

1,180

 

 

Expenses applicable to other real estate owned include the following:

 

(Dollars in thousands)

 

2021

 

 

2020

 

Net loss (gain) on transfer or sale of real estate

 

$

40

 

 

$

(43

)

Loss on valuation, net

 

 

22

 

 

 

432

 

Operating expenses, net of rental income

 

 

22

 

 

 

27

 

Balance, end of year

 

$

84

 

 

$

459

 

 

As of December 31, 2021, there were no real estate loans in the process of foreclosure.