FORECLOSED ASSETS

12 Months Ended

Dec. 31, 2021

FORECLOSED ASSETS

FORECLOSED ASSETS

NOTE 8 – FORECLOSED ASSETS

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

	Year Ended December 31,
	2021		2020		2019
	(dollars in thousands)
Beginning balance	$	4,168	$	5,099	$	9,559
Transfers from loans		4,857		1,074		2,520
Capitalized improvements		—		6		41
Proceeds from sales		(5,805)		(2,079)		(5,460)
Sales through loan origination		(252)		(67)		(2,046)
Net gain (loss) on sales		505		348		1,048
Direct write-downs		(195)		(213)		(563)
Ending balance	$	3,278	$	4,168	$	5,099

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

	Year Ended December 31,
	2021		2020		2019
	(dollars in thousands)
Direct write-downs	$	(195)	$	(213)	$	(563)
Net gain (loss) on sales		505		348		1,048
Guarantee reimbursements		—		7		80
Gain on settlement		—		—		375
Gains (losses) on foreclosed assets	$	310	$	142	$	940

The carrying value of foreclosed one-to-four family residential real estate property as of December 31, 2021 and 2020, was $169,000 and $868,000, respectively. As of December 31, 2021, there were 4 one-to-four family residential real estate loans in the process of foreclosure totaling approximately $55,000. As of December 31, 2020, there were 11 residential real estate loans in the process of foreclosure totaling approximately $1,526,000.