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Note 5 - Other Real Estate Owned (OREO)
 3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Real Estate Owned [Text Block]

Note 5. Other Real Estate Owned (OREO)

 

Changes in the balance for OREO during the three months ended March 31, 2022 and the year ended December 31, 2021 are as follows (in thousands):

 

  

Three Months Ended

  

Year Ended

 
  

March 31, 2022

  

December 31, 2021

 

Balance at the beginning of year

 $1,848  $— 

Transfers in

  —   130 

Transfers to premises and equipment

  (60)  — 

Acquired in merger

  —   1,998 

Sales proceeds

  (9)  (288)

(Loss) gain on disposition

  (12)  8 

Balance at the end of period

 $1,767  $1,848 

 

There were no residential real estate properties included in the ending OREO balances at March 31, 2022 and December 31, 2021. 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 March 31, 2022.

 

Net expenses applicable to OREO, other than the valuation allowance and (loss) gain on disposition, were $12 thousand for the three months ended March 31, 2022.  Net expenses applicable to OREO, other than the valuation allowance and gain on disposition, were $34 thousand for the year ended  March 31, 2022.