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OTHER REAL ESTATE OWNED
 12 Months Ended
Dec. 31, 2023
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 2023 and 2022 (dollars in thousands).

 

 

 

2023

 

 

2022

 

Balance as of January 1

 

$-

 

 

$-

 

Purchase of foreclosed real estate

 

 

55

 

 

 

-

 

Loans transferred to OREO

 

 

-

 

 

 

197

 

Sale of OREO

 

 

-

 

 

 

(138)

Write down of OREO and losses on sale

 

 

-

 

 

 

(59)

Balance as of December 31

 

$55

 

 

$-

 

Expenses related to foreclosed assets include:

 

2023

 

 

2022

 

Net loss on sales

 

$-

 

 

$59

 

Expenses related to foreclosed assets

 

$-

 

 

$59

 

 

There was one residential real estate property in other real estate owned properties at December 31, 2023. The loan was charged off in 2022.  At December 31, 2023, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure procedures are in process is $613 thousand.