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FORECLOSED ASSETS

9 Months Ended

Sep. 30, 2022

NOTE 6 – FORECLOSED ASSETS

Foreclosed assets activity is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021

	(dollars in thousands)
Beginning balance	$	2,891	$	7,757	$	3,278	$	4,168
Transfers from loans		—		—		27		4,856
Proceeds from sales		(29)		(354)		(476)		(1,583)
Sales through loan origination		—		(74)		—		(252)
Net gain on sales		20		108		118		321
Direct write-downs		(245)		(122)		(310)		(195)
Ending balance	$	2,637	$	7,315	$	2,637	$	7,315

Gains (losses) on foreclosed assets includes the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021

	(dollars in thousands)
Direct write-downs	$	(245)	$	(122)	$	(310)	$	(195)
Net gain on sales		20		108		118		321
Gains (losses) on foreclosed assets	$	(225)	$	(14)	$	(192)	$	126

There were no foreclosed one-to-four family residential real estate properties held as of September 30, 2022. The carrying value of foreclosed one-to-four family residential real estate properties held as of December 31, 2021 was $0.2 million. As of September 30, 2022, there were 4 one-to-four family residential real estate loans in the process of foreclosure totaling $0.4 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.