Note 6 - Foreclosed Real Estate

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Real Estate Disclosure [Text Block]

(6)         FORECLOSED REAL ESTATE

Foreclosed real estate activity was as follows for the years ended December 31, 2021, 2020 and 2019:

(In thousands)	2021			2020			2019
Beginning balance	$	-		$	170		$	3,142
Transfers from loans to foreclosed real estate		126			67			311
Direct write-downs		(5	)		-			(284	)
Sales		(85	)		(237	)		(3,002	)
Capitalized expenses and other adjustments		-			-			3
Ending Balance	$	36		$	-		$	170

Net loss on foreclosed real estate was as follows for the years ended December 31, 2021, 2020 and 2019:

(In thousands)	2021		2020		2019
Net (gain) loss on sales	$	-	$	4	$	(114	)
Direct write-downs		5		-		284
Operating expenses, net of income		14		9		129
Ending Balance	$	19	$	13	$	299

At December 31, 2021, the balance of foreclosed real estate includes $36,000 of residential real estate properties where physical possession has been obtained. At December 31, 2020, foreclosed real estate did not include any residential real estate properties where physical possession has been obtained. At December 31, 2021 and 2020, the recorded investment in consumer mortgage loans secured by residential real estate properties where formal foreclosure procedures are in process was $53,000 and $109,000, respectively.