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Foreclosed Real Estate | 6 Months Ended
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Jun. 30, 2025
Real Estate [Abstract] |
Foreclosed Real Estate | # Note 5 – Foreclosed Real Estate Foreclosed real estate assets are presented net of the valuation allowance. The Company considers foreclosed real estate as classified assets for regulatory and financial reporting. Foreclosed real estate carrying amounts reflect management’s estimate of the realizable value of these properties incorporating current appraised values, local real estate market conditions and related selling costs. The Company had foreclosed real estate of $157,000 an d $159,000 at June 30, 2025 and December 31, 2024, respectively. During the three months ended June 30, 2025 and June 30, 2024, the Company incurred foreclosed real estate expenses of $0 and $11,000, respectively. The Company had $305,000 and $84,000 in loans secured by residential real estate for which formal foreclosure proceedings were in process as of June 30, 2025 and December 31, 2024, respectively. The table below shows the foreclosed real estate roll forward balance as of June 30, 2025.
(dollars in thousands) |  | June 30, 2025 |  |  | December 31, 2024 |
Beginning of period balance |  | $ | 159 |  |  | $ | 160 |
Principal payments |  |  | (2 | ) |  |  | (1 | )
End of period balance |  | $ | 157 |  |  | $ | 159 |

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
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