v3.24.1.u1

Other Real Estate Owned | 3 Months Ended
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Mar. 31, 2024
Real Estate Owned, Disclosure of Detailed Components [Abstract] |
Other Real Estate Owned | Other Real Estate Owned The following table presents activity in OREO for the periods indicated:
|  | Three Months Ended March 31, |  |
($ in thousands) |  | 2024 |  | 2023 |  |
Balance at beginning of year |  | $ | 2,558 |  |  | $ | — |  |  |
Sales |  | (2,558) |  |  | — |  |  |
Balance at end of year |  | $ | — |  |  | $ | — |  |  |
During the year ended December 31, 2023, the Company recognized an OREO of $2.6 million by transferring a SBA 7(a) loan of $593 thousand, of which its guaranteed portion was previously sold. The Company’s exposure was 25% of the OREO and the SBA was entitled to 75% of the sale price upon the sale of property. The Company sold the property during the three months ended March 31, 2024. The following table presents activity in OREO valuation allowance for the periods indicated:
|  | Three Months Ended March 31, |  |
($ in thousands) |  | 2024 |  | 2023 |  |
Balance at beginning of year |  | $ | — |  |  | $ | — |  |  |
Additions |  | — |  |  | — |  |  |
Net direct write-downs and removal from sale |  | — |  |  | — |  |  |
Balance at end of year |  | $ | — |  |  | $ | — |  |  |
The following table presents expenses related to OREO for the periods indicated:
|  | Three Months Ended March 31, |  |
($ in thousands) |  | 2024 |  | 2023 |  |
Net (gain) loss on sales |  | $ | (13) |  |  | $ | — |  |  |
Operating expenses, net of rental income |  | 2 |  |  | — |  |  |
Total |  | $ | (11) |  |  | $ | — |  |  |
The Company did not provide loans to finance the sale of its OREO properties during the three months ended March 31, 2024.

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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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