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FORECLOSED ASSETS

6 Months Ended

Jun. 30, 2023

FORECLOSED ASSETS

FORECLOSED ASSETS

NOTE 6 – FORECLOSED ASSETS

Foreclosed assets activity is as follows:


		Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022

		(dollars in thousands)
Beginning balance		$	3,356		$	3,043		$	3,030		$	3,278
Acquired			—			—			271			—
Transfers from loans			65			8			170			27
Proceeds from sales			(244)			(153)			(284)			(447)
Net gain (loss) on sales			48			(7)			68			98
Direct write-downs			(145)			—			(175)			(65)
Ending balance		$	3,080		$	2,891		$	3,080		$	2,891

Gains (losses) on foreclosed assets includes the following:


		Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022

		(dollars in thousands)
Direct write-downs		$	(145)		$	—		$	(175)		$	(65)
Net gain (loss) on sales			48			(7)			68			98
Gains (losses) on foreclosed assets		$	(97)		$	(7)		$	(107)		$	33

The carrying value of foreclosed one-to-four family residential real estate properties held was $0.2 million and $20 thousand as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023, there were 16 one-to-four family residential real estate loans in the process of foreclosure totaling $1.4 million. As of December 31, 2022, there were 4 one-to-four family residential real estate loans in the process of foreclosure totaling $0.2 million.