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FORECLOSED ASSETS

9 Months Ended

Sep. 30, 2021

NOTE 6 – FORECLOSED ASSETS

Foreclosed assets activity is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

	(dollars in thousands)
Beginning balance	$	7,757	$	4,450	$	4,168	$	5,099
Transfers from loans		—		172		4,856		499
Capitalized improvements		—		—		—		6
Proceeds from sales		(354)		(792)		(1,583)		(1,793)
Sales through loan origination		(74)		—		(252)		(67)
Net gain (loss) on sales		108		125		321		269
Direct write-downs		(122)		(98)		(195)		(156)
Ending balance	$	7,315	$	3,857	$	7,315	$	3,857

Gains (losses) on foreclosed assets includes the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

	(dollars in thousands)
Direct write-downs	$	(122)	$	(98)	$	(195)	$	(156)
Net gain (loss) on sales		108		125		321		269
Guarantee reimbursements		—		—		—		7
Gains (losses) on foreclosed assets	$	(14)	$	27	$	126	$	120

The carrying value of foreclosed one-to-four family residential real estate property as of September 30, 2021 and December 31, 2020, was $486,000 and $868,000, respectively. As of September 30, 2021, there was 1 one-to-four family residential real estate loans in the process of foreclosure totaling approximately $34,000. 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.