Macatawa Bank Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Note 4 - Other Real Estate Owned

Note 4 - Other Real Estate Owned

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Real Estate Owned [Text Block]

NOTE 4 – OTHER REAL ESTATE OWNED

Other real estate owned was as follows (dollars in thousands):

	2023			2022
Beginning balance	$	2,343		$	2,369
Additions, transfers from loans		—			—
Proceeds from sales of other real estate owned and repossessed assets		(2,699	)		(47	)
Valuation allowance reversal upon sale		—			(26	)
Gain (loss) on sales of other real estate owned and repossessed assets		356			47
		—			2,343
Less: valuation allowance		—			—
Ending balance	$	—		$	2,343

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

	2023		2022
Beginning balance	$	—	$	26
Additions charged to expense		—		—
Reversals upon sale		—		(26	)
Ending balance	$	—	$	—

At December 31, 2023, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $0.