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Other Real Estate Owned | 9 Months Ended
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Sep. 30, 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 nine months ended September 30, 2023 and 2022 and the year ended December 31, 2022:
|  | Nine Months Ended |  |  | Year Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | December 31, |  |  | September 30, |
|  | 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 December 31, 2022 were as follows:
|  | 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 September 30, 2023 and December 31, 2022.

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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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