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Other Real Estate Owned | 9 Months Ended
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Sep. 30, 2024
Real Estate [Abstract] |
Other Real Estate Owned | Other Real Estate Owned (In Thousands) The following table provides details of the Company’s other real estate owned (“OREO”), net of valuation allowances and direct write-downs, as of the dates presented:
| September 30, 2024 |  | December 31, 2023
Residential real estate | $ | 2,774 |  |  | $ | 1,211 |
Commercial real estate | 6,336 |  |  | 8,407 |
Residential land development | 19 |  |  | 4 |
Commercial land development | 7 |  |  | — |
Total | $ | 9,136 |  |  | $ | 9,622 |
Changes in the Company’s OREO were as follows:
| Total OREO
Balance at January 1, 2024 | $ | 9,622 |
Transfers of loans | 3,286 |
Impairments | (67) |
Dispositions | (1,323) |
Other | (2,382) |
Balance at September 30, 2024 | $ | 9,136 |
At September 30, 2024 and December 31, 2023, the amortized cost of loans secured by Real Estate - 1-4 Family Mortgage in the process of foreclosure was $1,324 and $395, respectively. Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Repairs and maintenance | $ | 62 |  |  | $ | 51 |  |  | $ | 273 |  |  | $ | 95 |
Property taxes and insurance | 24 |  |  | 20 |  |  | 76 |  |  | 142 |
Impairments | — |  |  | 10 |  |  | 67 |  |  | 18 |
Net gains on OREO sales | (28) |  |  | (200) |  |  | (143) |  |  | (289) |
Rental income | (2) |  |  | (1) |  |  | (5) |  |  | (5) |
Total | $ | 56 |  |  | $ | (120) |  |  | $ | 268 |  |  | $ | (39) |

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- 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481990/310-10-45-3 + Details
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