FORECLOSED ASSETS

3 Months Ended

Mar. 31, 2023

FORECLOSED ASSETS

FORECLOSED ASSETS

NOTE 6 – FORECLOSED ASSETS

Foreclosed assets activity is as follows:

	Three Months Ended March 31,
	2023		2022
	(dollars in thousands)
Beginning balance	$	3,030	$	3,278
Acquired		271		—
Transfers from loans		105		19
Proceeds from sales		(40)		(294)
Net gain on sales		20		105
Direct write-downs		(30)		(65)
Ending balance	$	3,356	$	3,043

Gains (losses) on foreclosed assets includes the following:

	Three Months Ended March 31,
	2023		2022
	(dollars in thousands)
Direct write-downs	$	(30)	$	(65)
Net gain on sales		20		105
Gains (losses) on foreclosed assets	$	(10)	$	40

The carrying value of foreclosed one-to-four family residential real estate properties held was $0.3 million and $20 thousand as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023, there were 14 one-to-four family residential real estate loans in the process of foreclosure totaling $1.1 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.