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Note 5 - Other Real Estate Owned
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022 are as follows (in thousands):

 

  

2023

  

2022

 

Balance at the beginning of year, net

 $184  $1,848 

Transfers from loans to other real estate owned

  —   — 

Transfers from property and equipment to other real estate owned

  —   184 

Acquired in merger

  —   — 

Sales proceeds

  (417)  (2,011)

Gain on disposition

  233   176 

Balance at the end of year, gross

 $—  $197 

Less: valuation allowance

  —   (13)

Balance at the end of year, net

 $—  $184 

 

There were no residential real estate properties included in the ending OREO balances at December 31, 2023 and 2022. 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, 2023.


Net expenses applicable to OREO, other than the valuation allowance and gain on disposition, were $10 and $52 thousand for the years ended December 31, 2023 and 2022, respectively.