Other Real Estate Owned and Repossessions

12 Months Ended

Dec. 31, 2021

Other Real Estate Owned and Repossessions

Other Real Estate Owned and Repossessions

Note 5:      Other Real Estate Owned and Repossessions

Major classifications of other real estate owned at December 31, 2021 and 2020, were as follows:

	2021		2020
	(In Thousands)
Foreclosed assets held for sale and repossessions
One- to four-family construction	$	—	$	—
Subdivision construction		—		263
Land development		—		250
Commercial construction		—		—
One- to four-family residential		—		111
Other residential		—		—
Commercial real estate		—		—
Commercial business		—		—
Consumer		90		153
		90		777
Foreclosed assets related to FDIC-assisted acquired acquisitions, net of discounts		498		446
Foreclosed assets held for sale and repossessions, net		588		1,223
Other real estate owned not acquired through foreclosure		1,499		654
Other real estate owned and repossessions	$	2,087	$	1,877

At December 31, 2021, other real estate owned not acquired through foreclosure included four properties all of which were branch locations that were closed and held for sale. During the year ended December 31, 2021, one former branch location was added to this category for $1.2 million. During the year ended December 31, 2021, no additional valuation write-downs were recorded on branch locations that were closed and held for sale.

At December 31, 2020, other real estate owned not acquired through foreclosure included seven properties all of which were branch locations that were closed and held for sale. During the year ended December 31, 2020, one former branch location was added to this category for $80,000. During the year ended December 31, 2020, valuation write-downs of $286,000 were recorded on branch locations that were closed and held for sale.

At December 31, 2021, residential mortgage loans totaling $125,000 were in the process of foreclosure, none of which were acquired loans related to FDIC-assisted transactions.

At December 31, 2020, residential mortgage loans totaling $602,000 were in the process of foreclosure, $518,000 of which were acquired loans related to FDIC-assisted transactions.

Expenses applicable to other real estate owned and repossessions for the years ended December 31, 2021, 2020 and 2019, included the following:

	2021		2020		2019
	(In Thousands)
Net gains on sales of other real estate owned and repossessions	$	(282)	$	(480)	$	(750)
Valuation write-downs		211		1,320		926
Operating expenses, net of rental income		698		1,183		2,008
	$	627	$	2,023	$	2,184