Foreclosed Real Estate |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Foreclosed Real Estate | Note 5 – Foreclosed Real EstateForeclosed real estate assets are presented net of the valuation allowance. The Company considers foreclosed real estate as classified assets for regulatory and financial reporting. Foreclosed real estate carrying amounts reflect management’s estimate of the realizable value of these properties incorporating current appraised values, local real estate market conditions and related selling costs. The Company did not have any foreclosed real estate at March 31, 2026 and December 31, 2025. During the three months ended March 31, 2026 and March 31, 2025, the Company incurred foreclosed real estate expenses of $0 and $2,500, respectively. The Company had $46,000 and $294,000 in loans secured by residential real estate for which formal foreclosure proceedings were in process as of March 31, 2026 and December 31, 2025, respectively. The table below shows the foreclosed real estate roll forward balance as of March 31, 2026.
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