Other Real Estate Owned and Repossessions

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021, were as follows:

	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		50		90
Foreclosed assets held for sale and repossessions		50		588
Other real estate owned not acquired through foreclosure		183		1,499
Other real estate owned and repossessions	$	233	$	2,087

At December 31, 2022, other real estate owned not acquired through foreclosure included two properties, both of which were branch locations that were closed and held for sale. During the year ended December 31, 2022, two former branch location were sold. During the year ended December 31, 2022, no additional valuation write-downs were recorded on branch locations that were closed and held for sale.

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, 2022 and 2021, residential mortgage loans totaling $173,000 and $125,000, respectively, were in the process of foreclosure.

Expenses applicable to other real estate owned and repossessions for the years ended December 31, 2022, 2021 and 2020, included the following:

	2022		2021		2020
	(In Thousands)
Net gains on sales of other real estate owned and repossessions	$	(149)	$	(282)	$	(480)
Valuation write-downs		23		211		1,320
Operating expenses, net of rental income		485		698		1,183
	$	359	$	627	$	2,023