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Note 6 - Other Real Estate Owned
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Real Estate Owned [Text Block]

Note 6. Other Real Estate Owned

 

Changes in the balance for OREO during the years ended  December 31, 2024 and 2023 are as follows (in thousands):

 

  

2024

  

2023

 

Balance at the beginning of year, net

 $—  $184 

Transfers from loans to other real estate owned

  53   — 

Transfers from property and equipment to other real estate owned

  —   — 

Sales proceeds

  —   (417)

Gain on disposition

  —   233 

Balance at the end of year, gross

 $53  $— 

Less: valuation allowance

  —   — 

Balance at the end of year, net

 $53  $— 

 

There were no residential real estate properties included in the ending OREO balances at December 31, 2024 and 2023. 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, 2024 and 2023.


Net expenses applicable to OREO, other than the valuation allowance and gain on disposition, were $10 and $10 thousand for the years ended December 31, 2024 and 2023, respectively.