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Note 5 - Foreclosed Assets | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Foreclosed Assets [Text Block] | NOTE 5 - FORECLOSED ASSETS 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. Assets are classified as foreclosed when physical possession of the collateral is taken regardless of whether foreclosure proceedings have taken place. Other foreclosed assets received in satisfaction of borrowers debt are initially recorded at fair value of the asset less estimated costs to sell.
|  | December 31, 2022 |  |  | December 31, 2021 |
|  | Balance |  |  | Valuation Allowance |  |  | Net OREO Balance |  |  | Balance |  |  | Valuation Allowance |  |  | Net OREO Balance |
Foreclosed assets - OREO |  | $ | 472 |  |  | $ | — |  |  | $ | 472 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other foreclosed assets |  |  | 4 |  |  |  | — |  |  |  | 4 |  |  |  | 952 |  |  |  | (227 | ) |  |  | 725 |
|  | $ | 476 |  |  | $ | — |  |  | $ | 476 |  |  | $ | 952 |  |  | $ | (227 | ) |  | $ | 725 |
The following represents the roll forward of foreclosed assets:
|  | At and For the Years Ended December 31, |
|  | 2022 |  |  | 2021 |
Beginning balance |  | $ | 725 |  |  | $ | 157 |
New foreclosed properties |  |  | 791 |  |  |  | 4,473 |
Valuation adjustments |  |  | (31 | ) |  |  | (420 | )
Valuation reductions from sales |  |  | 258 |  |  |  | 193 |
Sales |  |  | (1,267 | ) |  |  | (3,678 | )
Ending balance |  | $ | 476 |  |  | $ | 725 |
Activity in the valuation allowance is as follows:
|  | At and For the Years Ended December 31, |
|  | 2022 |  |  | 2021 |
Beginning balance |  | $ | 227 |  |  | $ | — |
Additions charged to expense |  |  | 31 |  |  |  | 420 |
Reductions from sales |  |  | (258 | ) |  |  | (193 | )
Ending balance |  | $ | — |  |  | $ | 227 |
There were no consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process at December 31, 2022 compared to $73,000 at December 31, 2021. At December 31, 2022, other foreclosed assets consisted of non real estate collateral repossessed related to a previously classified Chicago area commercial loan. At December 31, 2022, the balance of OREO includes no foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property without title.

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- Definition The entire disclosure for foreclosed assets. + References No definition available. + Details
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