Other Real Estate Owned, Net

12 Months Ended

Jun. 30, 2021

NOTE 9 – Other Real Estate Owned, Net

Other real estate owned properties are summarized as follows:


	June 30, 2021		June 30, 2020
Beginning balance	$	2,288,255	$	4,080,401
Charge offs		(152,765)		(989,205)
Capital expenditures		—		36,852
Transfer from loans		31,619		200,856
Sale proceeds		(2,032,585)		(1,158,306)
Net gain on sale of other real estate owned		33,066		117,657
Other real estate owned, net	$	167,590	$	2,288,255

There was no recorded investment in 1‑4 family owner occupied properties that were in process of foreclosure at June 30, 2021, compared to $190,695 at June 30, 2020. At June 30, 2021, no residential real estate property collateralizing 1-4 family owner occupied properties were included in other real estate owned. At June 30, 2020, legal title for all residential real estate property collateralizing 1‑4 family owner occupied properties held in other real estate owned had been transferred to the Company.