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Note 8 - Other Real Estate Owned ("OREO")
 12 Months Ended
Dec. 31, 2024
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,

 
  

2024

  

2023

  

2022

 

Beginning balance

 $—  $570  $— 

Additions

  —   —   — 

Loans transferred to OREO

  —   —   145 

Closed retail branch transferred to OREO

  —   —   570 

Gross proceeds from sale of OREO

  —   (718)  (145)

Gain on sale of OREO

  —   148   — 

Ending balance

 $—  $—  $570 

 

There were no OREO properties at  December 31, 2024 and 2023, and one OREO property (a closed branch in Centralia, Washington) at  December 31, 2022. OREO holding costs were $10,000, for the year ended December 31, 2022.

   

There were $84,000 and $96,000 in mortgage loans collateralized by residential real estate property in the process of foreclosure at December 31, 2024 and 2023, respectively.