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Note 5 - Foreclosed Assets | 9 Months Ended
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Sep. 30, 2024
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.
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Balance |  |  | Valuation Allowance |  |  | Net Balance |  |  | Balance |  |  | Valuation Allowance |  |  | Net Balance |
Other real estate owned |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 472 |  |  | $ | (67 | ) |  | $ | 405 |
Other foreclosed assets |  |  | 1,966 |  |  |  | — |  |  |  | 1,966 |  |  |  | 2,416 |  |  |  | (44 | ) |  |  | 2,372 |
|  | $ | 1,966 |  |  | $ | — |  |  | $ | 1,966 |  |  | $ | 2,888 |  |  | $ | (111 | ) |  | $ | 2,777 |
The following represents the roll forward of foreclosed assets:
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Beginning balance |  | $ | 1,898 |  |  | $ | 950 |  |  | $ | 2,777 |  |  | $ | 476 |
New foreclosed assets |  |  | 68 |  |  |  | — |  |  |  | 117 |  |  |  | 921 |
Valuation adjustments |  |  | — |  |  |  | (48 | ) |  |  | — |  |  |  | (48 | )
Valuation reductions from sales |  |  | — |  |  |  | — |  |  |  | 111 |  |  |  | — |
Direct write-downs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (70 | )
Sales |  |  | — |  |  |  | — |  |  |  | (1,039 | ) |  |  | (377 | )
Ending balance |  | $ | 1,966 |  |  | $ | 902 |  |  | $ | 1,966 |  |  | $ | 902 |
Activity in the valuation allowance is as follows:
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Beginning balance |  | $ | — |  |  | $ | — |  |  | $ | 111 |  |  | $ | — |
Additions charged to expense |  |  | — |  |  |  | 48 |  |  |  | — |  |  |  | 48 |
Reductions from sales |  |  | — |  |  |  | — |  |  |  | (111 | ) |  |  | — |
Ending balance |  | $ | — |  |  | $ | 48 |  |  | $ | — |  |  | $ | 48 |
The were no consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process at September 30, 2024 and December 31, 2023. At September 30, 2024, other foreclosed assets consisted of machinery repossessed in connection with equipment finance leases.

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