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Note 8 - Other Real Estate Owned ("OREO") | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Real Estate Owned [Text Block] | NOTE 8 – OTHER REAL ESTATE OWNED (“OREO”) The following table presents the activity related to OREO at and for the years indicated:
|  | At or For the Year Ended |
|  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Beginning balance |  | $ | 570 |  |  | $ | — |  |  | $ | 90 |
Loans transferred to OREO |  |  | — |  |  |  | 145 |  |  |  | — |
Closed retail branch transferred to OREO |  |  | — |  |  |  | 570 |  |  |  | — |
Gross proceeds from sale of OREO |  |  | (718 | ) |  |  | (145 | ) |  |  | (81 | )
Gain (loss) on sale of OREO |  |  | 148 |  |  |  | — |  |  |  | (9 | )
Ending balance |  | $ | — |  |  | $ | 570 |  |  | $ | — |
There were no OREO properties at December 31, 2023, one OREO property (a closed branch in Centralia, Washington) at December 31, 2022 and none at December 31, 2021. OREO holding costs were none, $10,000, and none for the years ended December 31, 2023, 2022, and 2021, respectively. There were $96,000 and $511,000 in mortgage loans collateralized by residential real estate property in the process of foreclosure at December 31, 2023 and 2022, respectively.

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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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