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Note 5 - Foreclosed Assets | 3 Months Ended
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Mar. 31, 2023
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 credit 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’ debts are initially recorded at fair value of the asset less estimated costs to sell.
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Balance |  |  | Valuation Allowance |  |  | Net Balance |  |  | Balance |  |  | Valuation Allowance |  |  | Net Balance |
Other real estate owned |  | $ | 472 |  |  | $ | — |  |  | $ | 472 |  |  | $ | 472 |  |  | $ | — |  |  | $ | 472 |
Other foreclosed assets |  |  | 921 |  |  |  | — |  |  |  | 921 |  |  |  | 4 |  |  |  | — |  |  |  | 4 |
|  | $ | 1,393 |  |  | $ | — |  |  | $ | 1,393 |  |  | $ | 476 |  |  | $ | — |  |  | $ | 476 |
The following represents the roll forward of foreclosed assets:
|  | For the Three Months Ended |
|  | March 31, |
|  | 2023 |  |  | 2022 |
Beginning balance |  | $ | 476 |  |  | $ | 725 |
New foreclosed assets |  |  | 921 |  |  |  | 274 |
Valuation reductions from sales |  |  | — |  |  |  | 8 |
Sales |  |  | (4 | ) |  |  | (39 | )
Ending balance |  | $ | 1,393 |  |  | $ | 968 |
Activity in the valuation allowance is as follows:
|  | For the Three Months Ended |
|  | March 31, |
|  | 2023 |  |  | 2022 |
Beginning balance |  | $ | — |  |  | $ | 227 |
Reductions from sales |  |  | — |  |  |  | (8 | )
Ending balance |  | $ | — |  |  | $ | 219 |
The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $5,000 at March 31, 2023, compared to no consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process at December 31, 2022. At March 31, 2023, other foreclosed assets consisted of vehicles and small construction equipment collateral repossessed in connection with equipment finance leases. At March 31, 2023, the balance of OREO included 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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- References No definition available. + Details
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