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Other Real Estate Owned

12 Months Ended

Dec. 31, 2024

Other Real Estate Owned [Abstract]

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)	2024				2023				2022
Balance, beginning of year	$	122			$	-			$	194
Transfers from loans		650				267				-
Proceeds from sales		(345	)			(157	)			(235	)
Write-downs		-				-				-
Gains on sales		46				12				41
Balance, end of year	$	473			$	122			$	-

Included in the balances above were residential real estate mortgage loans of $234,000, $122,000, and $0 as of December 31, 2024, 2023, and 2022, respectively, and $239,000, $0, and $0 of commercial real estate loans as of December 31, 2024, 2023, and 2022, respectively.

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- Definition

Other Real Estate Owned.

+ References

No definition available.

+ Details

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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

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