Foreclosed Assets

12 Months Ended

Dec. 31, 2023

Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract]

Foreclosed assets

(6) Foreclosed assets

Other real estate and certain other assets acquired in foreclosure are carried at the lower of the recorded investment in the loan or fair value less estimated costs to sell the property. There was no residential real estate foreclosures at December 31, 2023 and $466 thousand residential in real estate foreclosures at December 31, 2022. An analysis of foreclosed properties for the years ended December 31, 2023 and 2022 follows (in thousands).

	Year ended December 31,
		2023			2022
Balance at beginning of year	$	609		$	256
Transfers from loans		475			747
Foreclosed property sold		(872	)		(364	)
Write-down of foreclosed property		(120	)		(30	)
Balance at end of year	$	92		$	609

Expenses applicable to foreclosed assets for the years ended December 31, 2023 and 2022 include the following (amounts in thousands).

	Year ended December 31,
	2023			2022
Net gain on sales of foreclosed assets	$	(92	)	$	(80	)
Write-down of foreclosed property		120			30
Operating expenses, net of rental income		36			48
Total	$	64		$	(2	)