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Note 11 - Subsequent Events
3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 11 - SUBSEQUENT EVENTS

 

On April 10, 2025, the Bank completed an exchange of real estate with the City of Westerville, OH. The Bank received a parcel of land in Westerville, OH from the City of Westerville with a fair value of $1.5 million, and in exchange, the Bank transferred land and a building with related furnishings associated with its current branch located in Westerville, OH. The transferred branch had a net book value of $221,000. The exchange of real estate transaction resulted in a gain of $1.2 million.

 

On April 30, 2025, Bank management committed to a plan to sell a separate property located in Westerville, OH consisting of land and a building.  The property has subsequently been recorded as held for sale, and a loss of $700,000 recognized.