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REAL ESTATE OWNED, NET | 3 Months Ended
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Mar. 31, 2021
Real Estate [Abstract] |
REAL ESTATE OWNED, NET | REAL ESTATE OWNED, NET The following table presents the changes in REO for the three months ended March 31, 2021 and 2020 (in thousands):
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Balance, beginning of the period | $ | 816 |  |  | $ | 814 |  |  |  |  |
Additions from loan foreclosures | — |  |  | 1,588 |  |  |  |  |
Proceeds from dispositions of REO | (783) |  |  | — |  |  |  |  |
Gain on sale of REO | 307 |  |  | — |  |  |  |  |
Balance, end of the period | $ | 340 |  |  | $ | 2,402 |  |  |  |  |
REO properties are recorded at the estimated fair value of the property, less expected selling costs, establishing a new cost basis. Subsequently, REO properties are carried at the lower of the new cost basis or updated fair market values, based on updated appraisals of the underlying properties, as received. Valuation allowances on the carrying value of REO may be recognized based on updated appraisals or on management’s authorization to reduce the selling price of a property. The Company had no foreclosed one- to four-family residential real estate properties held as REO at March 31, 2021 or December 31, 2020. The Company had $609,000 of one- to four-family residential loans in the process of foreclosure at both March 31, 2021 and December 31, 2020.

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=121593590&loc=d3e4437-111522 + Details
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