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Other Real Estate Owned

12 Months Ended

Dec. 31, 2024

Other Real Estate Owned

Other Real Estate Owned

Note 6: Other Real Estate Owned

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Details related to the activity in the other real estate owned (“OREO”) portfolio, net of valuation reserve, for the periods presented are itemized in the following table.

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​	​	​	​	​	​	​	​	​	​
​	​	Twelve Months Ended
​		December 31,
Other real estate owned		2024			2023		​	2022
Balance at beginning of period	​	$	5,123	​	$	1,561	​	$	2,356
Property additions, net of participation sold	​	​	21,083	​	​	5,580	​	​	87
Less:	​	​	​	​	​	​	​	​	​
Proceeds from property disposals, net of participation sold and gains/losses	​	​	2,845	​	​	1,749	​	​	778
Period valuation write-down	​	​	1,744	​	​	269	​	​	104
Balance at end of period	​	$	21,617	​	$	5,123	​	$	1,561

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Activity in the valuation allowance was as follows:

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​	​	​	​	​	​	​	​	​	​
​	​	Twelve Months Ended
​		December 31,
​		2024			2023			2022
Balance at beginning of period	​	$	118	​	$	856	​	$	1,179
Provision for unrealized losses	​	​	1,744	​	​	269	​	​	104
Reductions taken on sales	​	​	-	​	​	(1,007)	​	​	(427)
Balance at end of period	​	$	1,862	​	$	118	​	$	856
​	​	​	​	​	​	​	​	​	​

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Expenses related to OREO, net of lease revenue includes:

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​	​	​	​	​	​	​	​	​	​
​	​	Twelve Months Ended
​		December 31,
​		2024			2023		​	2022
Gain on sales, net	​	$	(390)	​	$	(256)	​	$	(163)
Provision for unrealized losses	​	​	1,744	​	​	269	​	​	104
Operating expenses	​	​	1,801	​	​	434	​	​	193
Less:	​	​	​	​	​	​	​	​	​
Lease revenue	​	​	935	​	​	48	​	​	4
Net OREO expense	​	$	2,220	​	$	399	​	$	130

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X

- References

No definition available.

+ Details

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Data Type:	xbrli:stringItemType
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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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