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Note 5 - Other Real Estate Owned | 12 Months Ended
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Dec. 31, 2022
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, 2022 and 2021 are as follows (in thousands):
|  | 2022 |  |  | 2021 |
Balance at the beginning of year, net |  | $ | 1,848 |  |  | $ | — |
Transfers from loans to other real estate owned |  |  | — |  |  |  | 130 |
Transfers from property and equipment to other real estate owned |  |  | 184 |  |  |  | — |
Acquired in merger |  |  | — |  |  |  | 2,137 |
Sales proceeds |  |  | (2,011 | ) |  |  | (288 | )
Gain on disposition |  |  | 176 |  |  |  | 8 |
Balance at the end of year, gross |  | $ | 197 |  |  | $ | 1,987 |
Less: valuation allowance |  |  | (13 | ) |  |  | (139 | )
Balance at the end of year, net |  | $ | 184 |  |  | $ | 1,848 |
There were no residential real estate properties included in the ending OREO balances at December 31, 2022 and 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 December 31, 2022. 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 during the year ended December 31, 2021. The Company did 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 $52 and $34 thousand for the years ended December 31, 2022 and 2021, respectively.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=124259787&loc=d3e4437-111522 + Details
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