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Other Real Estate Owned & Repossessed Assets
 3 Months Ended
Mar. 31, 2025
Real Estate [Abstract]  
Other Real Estate Owned & Repossessed Assets

NOTE 10. Other Real Estate Owned & Repossessed Assets

The following table is a summary of other real estate owned (“OREO”) and repossessed asset activity for the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024:

 

 

 

Three Months Ended

 

 

Year Ended

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

2024

 

 

 

(in thousands)

 

Balance, beginning

 

$

514

 

 

$

304

 

 

$

304

 

Transfer from loans

 

 

—

 

 

 

525

 

 

 

111

 

Sales proceeds

 

 

(381

)

 

 

(111

)

 

 

—

 

Loss on sales

 

 

(133

)

 

 

(204

)

 

 

—

 

Valuation adjustments

 

 

—

 

 

 

—

 

 

 

—

 

Balance, ending

 

$

—

 

 

$

514

 

 

$

415

 

 

 

The balance at December 31, 2024 and March 31, 2024 represents repossessed marine vessels and additionally, at March 31, 2024, commercial vehicles.

 

There was one loan collateralized by residential real estate in the process of foreclosure at March 31, 2025 and none at December 31, 2024.