Other Real Estate Owned and Repossessions

3 Months Ended

Mar. 31, 2022

Other Real Estate Owned and Repossessions

Other Real Estate Owned and Repossessions

NOTE 8: OTHER REAL ESTATE OWNED AND REPOSSESSIONS

Major classifications of other real estate owned were as follows:

	March 31,		December 31,
	2022		2021
	(In Thousands)
Foreclosed assets held for sale and repossessions
One- to four-family construction	$	—	$	—
Subdivision construction		—		—
Land development		—		315
Commercial construction		—		—
One- to four-family residential		183		183
Other residential		—		—
Commercial real estate		—		—
Commercial business		—		—
Consumer		38		90
Foreclosed assets held for sale and repossessions		221		588
Other real estate owned not acquired through foreclosure		1,499		1,499
Other real estate owned and repossessions	$	1,720	$	2,087

At March 31, 2022 and 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.

At March 31, 2022, residential mortgage loans totaling $20,000 were in the process of foreclosure. At December 31, 2021, residential mortgage loans totaling $125,000 were in the process of foreclosure.

Expenses applicable to other real estate owned and repossessions included the following:

	Three Months Ended
	March 31,
	2022		2021
	(In Thousands)
Net gains on sales of other real estate owned and repossessions	$	(6)	$	(46)
Valuation write-downs		15		82
Operating expenses, net of rental income		154		232
	$	163	$	268