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FORECLOSED ASSETS

6 Months Ended

Jun. 30, 2022

NOTE 6 – FORECLOSED ASSETS

Foreclosed assets activity is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021

	(dollars in thousands)
Beginning balance	$	3,043	$	4,748	$	3,278	$	4,168
Transfers from loans		8		4,185		27		4,856
Proceeds from sales		(153)		(1,214)		(447)		(1,229)
Sales through loan origination		—		(178)		—		(178)
Net gain (loss) on sales		(7)		216		98		213
Direct write-downs		—		—		(65)		(73)
Ending balance	$	2,891	$	7,757	$	2,891	$	7,757

Gains (losses) on foreclosed assets includes the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021

	(dollars in thousands)
Direct write-downs	$	—	$	—	$	(65)	$	(73)
Net gain (loss) on sales		(7)		216		98		213
Gains (losses) on foreclosed assets	$	(7)	$	216	$	33	$	140

The carrying value of foreclosed one-to-four family residential real estate properties held as of June 30, 2022 and December 31, 2021 was $8 thousand and $0.2 million, respectively. As of June 30, 2022, there was 1 one-to-four family residential real estate loan in the process of foreclosure totaling $0.2 million. As of December 31, 2021, there were 4 one-to-four family residential real estate loans in the process of foreclosure totaling $0.1 million.