OTHER REAL ESTATE OWNED ("OREO")

12 Months Ended

Dec. 31, 2022

OTHER REAL ESTATE OWNED ("OREO")

OTHER REAL ESTATE OWNED ("OREO")

NOTE 7 - OTHER REAL ESTATE OWNED (“OREO”)

The following table presents the activity related to OREO at and for the years indicated:

	At or For the Year Ended
	December 31,
	2022		2021		2020
Beginning balance	$	—	$	90	$	168
Loans transferred to OREO		145		—		—
Closed retail branch transferred to OREO		570		—		—
Gross proceeds from sale of OREO		(145)		(81)		(76)
Loss on sale of OREO		—		(9)		(2)
Ending balance	$	570	$	—	$	90

There was one OREO property at December 31, 2022 and none at December 31, 2021.  OREO holding costs were $10,000, none, and $4,000 for the years ended December 31, 2022, 2021 and 2020, respectively.

There were $511,000 and $710,000 in mortgage loans collateralized by residential real estate property in the process of foreclosure at December 31, 2022 and 2021, respectively.