OTHER REAL ESTATE OWNED AND REPOSSESSIONS

6 Months Ended

Jun. 30, 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:

	June 30,		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
Other residential		—		—
Commercial real estate		—		—
Commercial business		—		—
Consumer		44		90
Foreclosed assets held for sale and repossessions		44		588
Other real estate owned not acquired through foreclosure		285		1,499
Other real estate owned and repossessions	$	329	$	2,087

At June 30, 2022, other real estate owned not acquired through foreclosure included three properties, all of which were branch locations that were closed and held for sale. One additional property was sold during the three months ended June 30, 2022. 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.

At June 30, 2022, residential mortgage loans totaling $118,000 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
	June 30,
	2022		2021
	(In Thousands)
Net gains on sales of other real estate owned and repossessions	$	(137)	$	(123)
Valuation write-downs		8		2
Operating expenses, net of rental income		194		223
	$	65	$	102

	Six Months Ended
	June 30,
	2022		2021
	(In Thousands)
Net gains on sales of other real estate owned and repossessions	$	(143)	$	(169)
Valuation write-downs		23		83
Operating expenses, net of rental income		348		456
	$	228	$	370