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Other Real Estate Owned (Tables)
12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
Other Real Estate

The following table is a summary of other real estate owned ("OREO") activity for the twelve months ended December 31, 2023 and 2022:

 

 

 

Year Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Balance, beginning

 

$

108

 

 

$

 

Net loans transferred to OREO

 

 

 

 

 

108

 

Gain on foreclosure

 

 

 

 

 

 

Sales

 

 

(108

)

 

 

 

Valuation adjustments

 

 

 

 

 

 

Balance, ending

 

$

 

 

$

108

 

Schedule of Real Estate Properties

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

 

 

 

As of

 

 

 

December 31, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

Construction and Farmland

 

$

 

 

$

 

Residential Real Estate

 

 

 

 

 

108

 

Commercial Real Estate

 

 

 

 

 

 

Subtotal

 

$

 

 

$

108

 

Less valuation allowance

 

 

 

 

 

 

Total

 

$

 

 

$

108