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OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS
 12 Months Ended
Dec. 31, 2022
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract]  
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS
OREO and other repossessed assets represent properties and other assets acquired through foreclosure or other proceedings in settlement of loans and is included in other assets in the accompanying Consolidated Balance Sheets. The following table summarizes the composition of the Company’s OREO and other repossessed asset balances as of the periods presented (dollars in thousands):
As of December 31,
20222021
OREO
Commercial$— $2,839 
Residential70 235 
Total OREO70 3,074 
Other repossessed assets780 1,342 
OREO and other repossessed assets$850 $4,416 
The following table summarizes activity related to OREO and other repossessed assets (dollars in thousands):
Years Ended December 31,
202220212020
Changes in OREO and other repossessed assets
OREO and other repossessed assets beginning balance$4,416 $4,571 $3,057 
Additions, transfers from loans175 1,610 2,867 
Sales(2,565)(1,721)(1,282)
Cash payments collected(565)(43)(3)
Impairment of OREO and other repossessed assets(611)(1)(68)
OREO and other repossessed assets ending balance$850 $4,416 $4,571 
The Company had residential real estate in the process of foreclosure totaling $1.1 million as of December 31, 2022, and $0.2 million as of December 31, 2021. The Company has elected to follow Federal Housing Finance Agency guidelines on single-family foreclosures and real estate owned evictions on portfolio loans.
Activity related to OREO and other repossessed assets included the following (dollars in thousands):
Years Ended December 31,
202220212020
Activity for OREO and other repossessed assets
Net loss (gain) on sales665 173 (90)
Operating expenses, net of income248 468 538 
Activity for OREO and other repossessed assets$913 $641 $448