FORECLOSED ASSETS

12 Months Ended

Dec. 31, 2023

FORECLOSED ASSETS [Abstract]

FORECLOSED ASSETS

4. FORECLOSED ASSETS

Foreclosed assets activity was as follows for the periods presented below (dollars in thousands):

	For the Year Ended December 31,
	2023			2022			2021
Beginning balance	$	169		$	1,032		$	1,353
Additions		2,302			764			927
Sales, net		(1,417	)		(1,627	)		(1,248	)
Current year valuation write-down		(142	)		—			—
Ending balance	$	912		$	169		$	1,032

There was no activity in the valuation allowance for the years ended December 31, 2022 and 2021.

Net expenses related to foreclosed assets include the following for the periods presented below (dollars in thousands):

	For the Year Ended December 31,
	2023		2022			2021
Net gain on sales	$	—	$	(424	)	$	(44	)
Current year valuation write-down		142		—			—
Operating expenses, net of rental income		42		65			57
Foreclosed assets expense, net	$	184	$	(359	)	$	13