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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 16 SUBSEQUENT EVENTS

 

Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date.

 

On August 12, 2024 a commercial real estate property securing a loan, that was individually evaluated as part of our assessment of the allowance for credit losses, was acquired in a foreclosure sale. As a result, approximately $1.2 million was transferred from the loan portfolio to other real estate owned with no loss recognized.