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Note 6 - Foreclosed Real Estate

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Real Estate Disclosure [Text Block]

(6)         FORECLOSED REAL ESTATE

Foreclosed real estate activity was as follows for the years ended December 31, 2022, 2021 and 2020:

(In thousands)		2022				2021				2020
Beginning balance		$	36			$	-			$	170
Transfers from loans to foreclosed real estate			-				126				67
Direct write-downs			-				(5	)			-
Sales			(36	)			(85	)			(237	)
Capitalized expenses and other adjustments			-				-				-
Ending balance		$	-			$	36			$	-

Net gain/loss on foreclosed real estate was as follows for the years ended December 31, 2022, 2021 and 2020:

(In thousands)		2022				2021				2020
Net (gain) loss on sales		$	(3	)		$	-			$	4
Direct write-downs			-				5				-
Operating expenses, net of income			-				14				9
Ending balance		$	(3	)		$	19			$	13

At December 31, 2021, the balance of foreclosed real estate included $36,000 of residential real estate properties where physical possession has been obtained. At December 31, 2022 and 2020, foreclosed real estate did not include any residential real estate properties where physical possession has been obtained. At December 31, 2022 and 2021, the recorded investment in consumer mortgage loans secured by residential real estate properties where formal foreclosure procedures are in process was $104,000 and $53,000, respectively.

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 970
-URI https://asc.fasb.org/topic&trid=2156125

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 978
-URI https://asc.fasb.org/topic&trid=2134977

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 976
-URI https://asc.fasb.org/topic&trid=2134846

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 974
-URI https://asc.fasb.org/topic&trid=2156429

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 972
-URI https://asc.fasb.org/topic&trid=2134617

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