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OTHER REAL ESTATE OWNED
12 Months Ended
Dec. 31, 2022
OTHER REAL ESTATE OWNED  
OTHER REAL ESTATE OWNED

NOTE 7 OTHER REAL ESTATE OWNED

 

The table below reflects other real estate owned (OREO) activity for 2022 (dollars in thousands). There was no OREO activity in 2021.

 

 

 

2022

 

Balance as of January 1

 

$-

 

Loans transferred to OREO

 

 

197

 

Sale of OREO

 

 

(138)

Write down of OREO and losses on sale

 

 

(59)

Balance as of December 31

 

$-

 

 

Activity in the valuation allowance was as follows:

 

2022

 

Balance as of January 1

 

$-

 

Provision charged to expense

 

 

-

 

Reductions from sales of real estate owned

 

 

-

 

Balance as of December 31

 

$-

 

 

(Income) expenses related to foreclosed assets include:

 

 

 

2022

 

Net loss on sales

 

$59

 

(Income) expenses related to foreclosed assets

 

$59

 

 

There were no real estate owned properties at December 31, 2022 and 2021. At December 31, 2022, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure procedures are in process is $82 thousand.