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Note 7 - Other Real Estate Owned

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Real Estate Owned [Text Block]

Note 7 – Other Real Estate Owned

Other real estate owned represents residential and commercial properties primarily owned as a result of loan collection activities and is reported net of a valuation allowance. Activity within other real estate owned was as follows:

(Dollars in thousands)		2022				2021				2020
Balance, beginning of year		$	194			$	266			$	929
Transfers from loans			-				520				391
Additions from merger			-				-				346
Proceeds from sales			(235	)			(611	)			(1,384	)
Write-downs			-				-				(80	)
Gains on sales			41				19				64
Balance, end of year		$	-			$	194			$	266

Included in the balances above were residential real estate mortgage loans of $0, $80,000, and $61,000 as of December 31, 2022, 2021, and 2020, respectively, and $0, $114,000, and $205,000 of commercial real estate loans as of December 31, 2022, 2021, and 2020 respectively.

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- References

No definition available.

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 45
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124259787&loc=d3e4437-111522

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