Annual report pursuant to Section 13 and 15(d)

OTHER REAL ESTATE OWNED

v3.22.4
OTHER REAL ESTATE OWNED
 12 Months Ended
Dec. 31, 2022
OTHER REAL ESTATE OWNED [Abstract]  
OTHER REAL ESTATE OWNED
NOTE 4 – OTHER REAL ESTATE OWNED
 
Other real estate owned was as follows (dollars in thousands):

   
2022
    
2021
  
Beginning balance
  
$
2,369
    
$
2,731
  
Additions, transfers from loans
    
—
      
—
  
Proceeds from sales of other real estate owned and repossessed assets
    
(47
)
    
(170
)
Valuation allowance reversal upon sale
    
(26
)
    
(172
)
Gain (loss) on sales of other real estate owned and repossessed assets
    
47
      
(20
)
     
2,343
      
2,369
  
Less: valuation allowance
    
—
      
(26
)
Ending balance
  
$
2,343
    
$
2,343
  

Activity in the valuation allowance was as follows (dollars in thousands):

   
2022
    
2021
  
Beginning balance
  
$
26
    
$
194
  
Additions charged to expense
    
—
      
4
  
Reversals upon sale
    
(26
)
    
(172
)
Ending balance
  
$
—
    
$
26
  

At December 31, 2022, the balance of other real estate owned included no foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property.  At December 31, 2022, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $0. On January 30, 2023, the Company sold the remaining real estate owned property at a small gain, bringing the balance of other real estate owned to $0.