Foreclosed Assets

9 Months Ended

Sep. 30, 2019

NOTE 6 – FORECLOSED ASSETS

There were no foreclosed assets held as of September 30, 2019 and December 31, 2018

A summary of the Bank’s foreclosed asset activity is presented below.


	Nine Months Ended September 30, 2019			Twelve Months Ended December 31, 2018
	(in thousands)
Foreclosed assets, beginning of period	$	—		$	—
Loans receivable transferred		134			—
Sales, net of gain/loss		(134	)		—
Write downs		—			—
Other		—			—

Foreclosed assets, end of period	$	—		$	—

The Bank recognized a $103 gain on the sale of foreclosed assets during the nine months ended September 30, 2019. There were no sales of foreclosed assets during the nine months ended September 30, 2018.

The Bank had one loan in the amount of $142 in the process of foreclosure as of September 30, 2019. There were no loans in the process of foreclosure as of December 31, 2018