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FORECLOSED ASSETS

6 Months Ended

Jun. 30, 2021

NOTE 6 – FORECLOSED ASSETS

Foreclosed assets activity is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

	(dollars in thousands)
Beginning balance	$	4,748	$	4,469	$	4,168	$	5,099
Transfers from loans		4,185		308		4,856		327
Capitalized improvements		—		6		—		6
Proceeds from sales		(1,214)		(324)		(1,229)		(1,001)
Sales through loan origination		(178)		(67)		(178)		(67)
Net gain (loss) on sales		216		69		213		144
Direct write-downs		—		(11)		(73)		(58)
Ending balance	$	7,757	$	4,450	$	7,757	$	4,450

Gains (losses) on foreclosed assets includes the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

	(dollars in thousands)
Direct write-downs	$	—	$	(11)	$	(73)	$	(58)
Net gain (loss) on sales		216		69		213		144
Guarantee reimbursements		—		—		—		7
Gains (losses) on foreclosed assets	$	216	$	58	$	140	$	93

The carrying value of foreclosed one-to-four family residential real estate property as of June 30, 2021 and December 31, 2020, was $700,000 and $868,000, respectively. As of June 30, 2021, there were 6 one-to-four family residential real estate loans in the process of foreclosure totaling approximately $478,000. As of December 31, 2020, there were 11 one-to-four family residential real estate loans in the process of foreclosure totaling approximately $1,526,000.