XML 28 R14.htm IDEA: XBRL DOCUMENT v3.22.1
Note 5 - Other Real Estate Owned
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Real Estate Owned [Text Block]

Note 5. Other Real Estate Owned

 

Changes in the balance for OREO during the years ended  December 31, 2021 and 2020 are as follows (in thousands):

 

  

2021

  

2020

 

Balance at the beginning of year, gross

 $—  $— 

Transfers in

  130   — 

Acquired in merger

  2,137   — 

Sales proceeds

  (288)  — 

Gain on disposition

  8   — 

Balance at the end of year, gross

 $1,987  $— 

Less: valuation allowance

  (139)  — 

Balance at the end of year, net

 $1,848  $— 

 

There were no residential real estate properties included in the ending OREO balances at December 31, 2021 and 2020. The Bank did not have any consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process as of December 31, 2021.


The Company acquired $2.1 million of OREO in the acquisition of Fincastle including $1.8 million of real estate and buildings formerly used as bank premises by Fincastle. The Company will not place these properties into service as bank premises and has designated them as held for sale. Net expenses applicable to OREO,
other than the valuation allowance and gain on disposition, were $34 thousand for the year ended December 31, 2021. The Bank did not have any expenses applicable to OREO for the year ended December 31, 2020.