Other Real Estate Owned and Repossessed Assets |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Other Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Real Estate Owned and Repossessed Assets | 5. OTHER REAL ESTATE OWNED AND REPOSSESSED ASSETS Other Real Estate Owned Other real estate and certain other assets acquired in foreclosure are reported at the net realizable value of the property, less estimated costs to sell. The following table summarizes foreclosed property activity during the years ended December 31, 2025 and 2024:
(1) Additions to other real estate owned (“OREO”) may include transfers from loans, transfers from closed banking facilities, and capitalized improvements to existing OREO properties. Valuation adjustments are recorded in other non-interest expense and are primarily post-foreclosure write-downs that are the result of continued declining property values based on updated appraisals or other indications of value, such as offers to purchase. Net realizable value less estimated costs to sell of foreclosed residential real estate held by the Company was zero as of both December 31, 2025 and 2024. In addition, the Company held $0.4 million and zero in consumer mortgage loans collateralized by residential real estate that were in the process of foreclosure as of December 31, 2025 and 2024, respectively. Repossessed Assets The Company also acquires assets through the repossession of the underlying collateral of loans in default. Total repossessed assets as of December 31, 2025 and 2024 were $0.6 million and $0.2 million, respectively. Repossessed assets are included in other assets in the Company’s consolidated balance sheets. |
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