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FORECLOSED ASSETS

12 Months Ended

Dec. 31, 2022

NOTE 7 – FORECLOSED ASSETS

Foreclosed assets activity is as follows for the years ended December 31:


	Year Ended December 31,
	2022		2021		2020

	(dollars in thousands)
Beginning balance	$	3,278	$	4,168	$	5,099
Transfers from loans		541		4,857		1,074
Capitalized improvements		—		—		6
Proceeds from sales		(475)		(5,805)		(2,079)
Sales through loan origination		—		(252)		(67)
Net gain on sales		118		505		348
Direct write-downs		(432)		(195)		(213)
Ending balance	$	3,030	$	3,278	$	4,168

Gains (losses) on foreclosed assets includes the following for the years ended December 31:


	Year Ended December 31,
	2022		2021		2020

	(dollars in thousands)
Direct write-downs	$	(432)	$	(195)	$	(213)
Net gain on sales		118		505		348
Guarantee reimbursements		—		—		7
Gains (losses) on foreclosed assets	$	(314)	$	310	$	142

The carrying value of foreclosed one-to-four family residential real estate property as of December 31, 2022 and 2021, was $20 thousand and $0.2 million, respectively. As of December 31, 2022, there were 4 one-to-four family residential real estate loans in the process of foreclosure totaling approximately $0.2 million. As of December 31, 2021, there were 4 residential real estate loans in the process of foreclosure totaling approximately $0.1 million.