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Other Real Estate Owned & Repossessed Assets | 6 Months Ended
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Jun. 30, 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 six months ended June 30, 2025 and 2024 and the year ended December 31, 2024:
|  | Six Months Ended |  |  | Year Ended |  |  | Six Months Ended |
|  | June 30, |  |  | December 31, |  |  | June 30, |
|  | 2025 |  |  | 2024 |  |  | 2024 |
|  | (in thousands) |
Balance, beginning |  | $ | 514 |  |  | $ | 304 |  |  | $ | 304 |
Transfer from loans |  |  | 186 |  |  |  | 525 |  |  |  | 111 |
Sales proceeds |  |  | (381 | ) |  |  | (111 | ) |  |  | (12 | )
Loss on sales |  |  | (133 | ) |  |  | (204 | ) |  |  | — |
Valuation adjustments |  |  | — |  |  |  | — |  |  |  | — |
Balance, ending |  | $ | 186 |  |  | $ | 514 |  |  | $ | 403 |
The balance at June 30, 2025 and December 31, 2024 represents repossessed marine vessels and at June 30, 2024, the balance represents repossessed assets including a marine vessel and commercial vehicles. There was one loan collateralized by residential real estate with a balance of $98 thousand in the process of foreclosure at June 30, 2025 and none at December 31, 2024.

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- References No definition available. + Details
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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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