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FORECLOSURED REAL ESTATE AND REPOSSESSED ASSETS | 9 Months Ended
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Jun. 30, 2020
Real Estate [Abstract] |
FORECLOSURED REAL ESTATE AND REPOSSESSED ASSETS | FORECLOSED REAL ESTATE AND REPOSSESSED ASSETS The following table provides an analysis of changes in foreclosed real estate and repossessed assets:
| Nine Months Ended June 30, |  |
(Dollars in Thousands) | 2020 |  | 2019
Balance, beginning of period | $ | 29,494 |  |  | $ | 31,638 |
Additions | 5,983 |  |  | 105 |
Reductions: |  |  |
Write-downs | 568 |  |  | 339 |
Net proceeds from sale | 23,086 |  |  | 1,905 |
Gain (loss) on sale | (5,039) |  |  | 15 |
Total reductions | 28,693 |  |  | 2,229 |
Balance, ending of period | $ | 6,784 |  |  | $ | 29,514 |
At June 30, 2020 and September 30, 2019, the Company had established a valuation allowance of $0.5 million and $0.1 million for repossessed assets, respectively. As of June 30, 2020 and September 30, 2019, the Company had no loans or leases in the process of foreclosure. During the nine months ended June 30, 2020, the Company sold $28.1 million of other real estate owned ("OREO"), which consisted of assets related to a Community Bank agriculture real estate customer. The sale occurred via public auction and consisted of 30-plus parcels of land. The sale of 30-plus parcels closed in the fiscal 2020 first quarter. The Company applied Subtopic ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets to record the sale. The following table is a summary of the sale transaction, as reflected in the Company's financial statements:
(Dollars in Thousands) | June 30, 2020
Purchase price | $ | 23,083 |
Carrying value of OREO | 28,122 |
Loss on sale | (5,039) |
Deferred income recognized | 1,096 |
Net impact | $ | (3,943) |
The Company recognized a $5.0 million loss from the sale of foreclosed property during the nine months ended June 30, 2020, which is included in the "Gain (loss) on sale of other" line on the Consolidated Statements of Operations. The Company also recognized $1.1 million in deferred rental income and $0.2 million in OREO expenses related to these foreclosed properties during the nine months ended June 30, 2020.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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