Annual report pursuant to Section 13 and 15(d)

OTHER REAL ESTATE OWNED

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OTHER REAL ESTATE OWNED
 12 Months Ended
Dec. 31, 2021
OTHER REAL ESTATE OWNED [Abstract]  
OTHER REAL ESTATE OWNED
NOTE 4 – OTHER REAL ESTATE OWNED
 
Other real estate owned was as follows (dollars in thousands):

   
2021
    
2020
  
Beginning balance
  
$
2,731
    
$
3,112
  
Additions, transfers from loans
    
—
      
—
  
Proceeds from sales of other real estate owned and repossessed assets
    
(170
)
    
(192
)
Valuation allowance reversal upon sale
    
(172
)
    
(202
)
Gain (loss) on sales of other real estate owned and repossessed assets
    
(20
)
    
13
  
     
2,369
      
2,731
  
Less: valuation allowance
    
(26
)
    
(194
)
Ending balance
  
$
2,343
    
$
2,537
  

Activity in the valuation allowance was as follows (dollars in thousands):

   
2021
    
2020
  
Beginning balance
  
$
194
    
$
364
  
Additions charged to expense
    
4
      
32
  
Reversals upon sale
    
(172
)
    
(202
)
Ending balance
  
$
26
    
$
194
  

At December 31, 2021, the balance of other real estate owned included no foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property.  At December 31, 2021, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $0.