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Note 5 - Other Real Estate Owned | 6 Months Ended
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Jun. 30, 2020
Notes to Financial Statements |
Real Estate Owned [Text Block] | NOTE 5 - OTHER REAL ESTATE OWNED Real estate that is acquired through foreclosure or a deed in lieu of foreclosure is classified as other real estate owned ("OREO") until it is sold. When real estate is acquired through foreclosure or by deed in lieu of foreclosure, it is recorded at its fair value, less the estimated costs of disposal. If the fair value of the property is less than the loan balance, the difference is charged against the allowance for loan losses.
|  | June 30, 2020 |  |  | December 31, 2019 |
|  | Balance |  |  | Valuation Allowance |  |  | Net OREO Balance |  |  | Balance |  |  | Valuation Allowance |  |  | Net OREO Balance |
One–to–four family residential |  | $ | 143 |  |  | $ | - |  |  | $ | 143 |  |  | $ | 186 |  |  | $ | — |  |  | $ | 186 |
The following represents the roll forward of OREO and the composition of OREO properties:
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Beginning balance |  | $ | 110 |  |  | $ | 921 |  |  | $ | 186 |  |  | $ | 1,226 |
New foreclosed properties |  |  | 33 |  |  |  | — |  |  |  | 33 |  |  |  | 46 |
Valuation adjustments |  |  | — |  |  |  | (21 | ) |  |  | — |  |  |  | (21 | )
Sales and other reductions |  |  | — |  |  |  | (403 | ) |  |  | (76 | ) |  |  | (754 | )
Ending balance |  | $ | 143 |  |  | $ | 497 |  |  | $ | 143 |  |  | $ | 497 |
Activity in the valuation allowance is as follows:
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Beginning balance |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 23 |
Additions charged to expense |  |  | — |  |  |  | 21 |  |  |  | — |  |  |  | 21 |
Reductions from sales of OREO |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (23 | )
Ending balance |  | $ | — |  |  | $ | 21 |  |  | $ | — |  |  | $ | 21 |
At June 30, 2020 and December 31, 2019, the balance of OREO included no foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property without title. At June 30, 2020 and December 31, 2019, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $207,000 and $237,000, 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 http://asc.fasb.org/extlink&oid=121593590&loc=d3e4437-111522 + Details
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