FORECLOSED ASSETS

12 Months Ended

Dec. 31, 2024

FORECLOSED ASSETS [Abstract]

FORECLOSED ASSETS

4. FORECLOSED ASSETS

Foreclosed assets activity was as follows for the periods presented below (dollars in thousands):

	For the Year Ended December 31,
	2024			2023			2022
Beginning balance	$	912		$	169		$	1,032
Additions		1,927			2,302			764
Sales, net		(2,201	)		(1,417	)		(1,627	)
Current year valuation write-down		(108	)		(142	)		—
Ending balance	$	530		$	912		$	169

Activity in the valuation allowance was as follows (dollars in thousands):

	For the Year Ended December 31,
	2024			2023		2022
Beginning balance	$	142		$	—	$	—
Current year valuation write-down		108			142		—
Reduction from sales		(142	)		—		—
Ending balance	$	108		$	142	$	—

Net expenses related to foreclosed assets include the following for the periods presented below (dollars in thousands):

	For the Year Ended December 31,
	2024		2023		2022
Net gain on sales	$	25	$	—	$	(424	)
Current year valuation write-down		108		142		—
Operating expenses, net of rental income		136		42		65
Foreclosed assets expense, net	$	269	$	184	$	(359	)