OTHER REAL ESTATE OWNED AND REPOSSESSIONS

3 Months Ended

Mar. 31, 2024

OTHER REAL ESTATE OWNED AND REPOSSESSIONS

OTHER REAL ESTATE OWNED AND REPOSSESSIONS

NOTE 8: OTHER REAL ESTATE OWNED AND REPOSSESSIONS

Major classifications of other real estate owned were as follows:

	March 31,		December 31,
	2024		2023
	(In Thousands)
Foreclosed assets held for sale and repossessions
One- to four-family construction	$	—	$	—
Subdivision construction		—		—
Land development		—		—
Commercial construction		—		—
One- to four-family residential		—		—
Other residential (multi-family)		—		—
Commercial real estate		—		—
Commercial business		—		—
Consumer		47		23
Total foreclosed assets held for sale and repossessions		47		23
Other real estate owned not acquired through foreclosure		995		—
Total other real estate owned and repossessions	$	1,042	$	23

At March 31, 2024, other real estate owned not acquired through foreclosure included one property, which was a branch location that was closed and held for sale. This property was sold in April 2024 at an immaterial loss. At December 31, 2023, there was no other real estate owned not acquired through foreclosure.

At March 31, 2024 and December 31, 2023, residential mortgage loans totaling $41,000 and $-0-, respectively, were in the process of foreclosure.

Expenses applicable to other real estate owned and repossessions included the following:

	Three Months Ended
	March 31,
	2024		2023
	(In Thousands)
Net loss on sales of other real estate owned and repossessions	$	4	$	3
Valuation write-downs		—		74
Operating expenses, net of rental income		57		77
	$	61	$	154