OTHER REAL ESTATE LOANS AND REPOSSESSED ASSETS

12 Months Ended

Dec. 31, 2019

OTHER REAL ESTATE LOANS AND REPOSSESSED ASSETS

OTHER REAL ESTATE LOANS AND REPOSSESSED ASSETS

8.OTHER REAL ESTATE LOANS AND REPOSSESSED ASSETS

Income and expenses applicable to foreclosed and repossessed assets include the following:

	Year Ended December 31,
	2019		2018		2017
	(in thousands)
Gain on sales of real estate, net	$	(181)	$	(126)	$	(40)
Write-downs and net loss on sales of repossessed assets		112		106		81
Write-downs of real estate		—		5		57
Operating expenses		82		110		(36)
	$	13	$	95	$	62

At December 31, 2019, foreclosed and repossessed assets include one residential real estate property with a recorded value of $298,000.   At December 31, 2018, foreclosed and repossessed assets include two residential real estate properties with total recorded values of $556,000.  Foreclosed and repossessed assets also includes automobiles with total recorded values of $421,000 and $193,000 at December 31, 2019 and 2018, respectively. All foreclosed and repossessed assets are held for sale.  Mortgage loans in the process of foreclosure totaled $3.9 million and $4.8 million as of December 31, 2019 and 2018, respectively, and are reported in loans.