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Other Real Estate Owned & Repossessed Assets
 6 Months Ended
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.