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Other Real Estate Owned

3 Months Ended

Mar. 31, 2025

Other Real Estate Owned

Other Real Estate Owned

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Note 5 – 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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​	​	​	​	​	​	​	​
​	​	Three Months Ended					​
​		March 31,
Other real estate owned		2025			2024
Balance at beginning of period	​	$	21,617	​	$	5,123	​
Less:	​	​	​	​	​	​	​
Carrying value of property disposals, net of participation sold	​	​	18,285	​	​	-	​
Period valuation adjustments	​	​	454	​	​	-	​
Balance at end of period	​	$	2,878	​	$	5,123	​

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Activity in the valuation allowance was as follows:

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​	​	​	​	​	​	​	​
​		Three Months Ended					​
​		March 31,
​		2025			2024
Balance at beginning of period	​	$	1,862	​	$	118	​
Provision for valuation reserves	​	​	454	​	​	-	​
Reductions taken on sales	​	​	(1,463)	​	​	-	​
Balance at end of period	​	$	853	​	$	118	​
​	​	​	​	​	​	​	​

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Expenses related to OREO, net of lease revenue, includes:

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​	​	​	​	​	​	​	​
​	​	Three Months Ended					​
​	​	March 31,
​		2025			2024
Loss on sales, net	​	$	236	​	$	-	​
Provision for valuation reserves	​	​	454	​	​	-	​
Operating expenses	​	​	1,913	​	​	113	​
Less:	​	​	​	​	​	​	​
Lease revenue	​	​	730	​	​	67	​
Net OREO expense	​	$	1,873	​	$	46	​

​

X

- References

No definition available.

+ Details

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Data Type:	xbrli:stringItemType
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Period Type:	duration

X

- 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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