v3.26.1
Other Real Estate Owned & Repossessed Assets
6 Months Ended
Jun. 30, 2026
Real Estate [Abstract]  
Other Real Estate Owned & Repossessed Assets

NOTE 10. Other Real Estate Owned & Repossessed Assets

The following table is a summary of other real estate owned (“OREO”) and repossessed asset activity for the six months ended June 30, 2026 and 2025 and the year ended December 31, 2025:

 

 

 

Six Months Ended

 

 

Year Ended

 

 

Six Months Ended

 

 

 

June 30, 2026

 

 

December 31, 2025

 

 

June 30, 2025

 

 

 

Other Real Estate Owned

 

 

Repossessed Assets

 

 

Other Real Estate Owned

 

 

Repossessed Assets

 

 

Other Real Estate Owned

 

 

Repossessed Assets

 

 

 

 

 

 

(in thousands)

 

Balance, beginning

 

$

 

 

$

135

 

 

$

 

 

$

514

 

 

$

 

 

$

514

 

Transfer from loans

 

 

 

 

 

302

 

 

 

305

 

 

 

1,346

 

 

 

 

 

 

186

 

Sales proceeds

 

 

 

 

 

(96

)

 

 

(254

)

 

 

(1,422

)

 

 

 

 

 

(381

)

Loss on sales

 

 

 

 

 

(39

)

 

 

(51

)

 

 

(252

)

 

 

 

 

 

(133

)

Valuation adjustments

 

 

 

 

 

 

 

 

 

 

 

(51

)

 

 

 

 

 

 

Balance, ending

 

$

 

 

$

302

 

 

$

 

 

$

135

 

 

$

 

 

$

186

 

 

 

The balance of repossessed assets at June 30, 2026 and December 31, 2025 represents repossessed marine vessels.

 

There was one loan collateralized by residential real estate with a balance of $154 thousand in the process of foreclosure at June 30, 2026 and none at December 31, 2025.