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Other Real Estate Owned
 3 Months Ended
Mar. 31, 2023
Real Estate [Abstract]  
Real Estate Owned

NOTE 11. Other Real Estate Owned

The following table is a summary of other real estate owned (“OREO”) activity for the three months ended March 31, 2023 and 2022 and the year ended December 31, 2022:

 

 

 

Three Months Ended

 

 

Year Ended

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

 

(in thousands)

 

Balance, beginning

 

$

108

 

 

$

—

 

 

$

—

 

Transfer from loans

 

 

—

 

 

 

108

 

 

 

—

 

Gain on foreclosures

 

 

—

 

 

 

—

 

 

 

—

 

Sales

 

 

(108

)

 

 

—

 

 

 

—

 

Valuation adjustments

 

 

—

 

 

 

—

 

 

 

—

 

Balance, ending

 

$

—

 

 

$

108

 

 

$

—

 

 

 

The major classifications of other real estate owned in the consolidated balance sheets at March 31, 2023 and December 31, 2022 were as follows:

 

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

Construction and Farmland

 

$

—

 

 

$

—

 

Residential Real Estate

 

 

—

 

 

 

108

 

Commercial Real Estate

 

 

—

 

 

 

—

 

Subtotal

 

$

—

 

 

$

108

 

Less valuation allowance

 

 

—

 

 

 

—

 

Total

 

$

—

 

 

$

108

 

 

There were no consumer mortgage collateralized by residential real estate in the process of foreclosure at March 31, 2023 and December 31, 2022.