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FORECLOSED ASSETS | 12 Months Ended
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Dec. 31, 2019
FORECLOSED ASSETS |
FORECLOSED ASSETS | NOTE 7 – FORECLOSED ASSETS Foreclosed assets activity is as follows for the years ended December 31:
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
|  | (dollars in thousands)
Beginning balance |  | $ | 9,559 |  | $ | 16,545 |  | $ | 16,224
Transfers from loans |  |  | 2,520 |  |  | 2,518 |  |  | 10,212
Capitalized improvements |  |  | 41 |  |  | — |  |  | —
Proceeds from sales |  |  | (5,460) |  |  | (6,851) |  |  | (9,049)
Sales through loan origination |  |  | (2,046) |  |  | (1,220) |  |  | (150)
Net gain (loss) on sales |  |  | 1,048 |  |  | (268) |  |  | 1,727
Direct write-downs |  |  | (563) |  |  | (1,165) |  |  | (2,419)
Ending balance |  | $ | 5,099 |  | $ | 9,559 |  | $ | 16,545
Gains (losses) on foreclosed assets includes the following for the years ended December 31:
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
|  | (dollars in thousands)
Direct write-downs |  | $ | (563) |  | $ | (1,165) |  | $ | (2,419)
Net gain (loss) on sales |  |  | 1,048 |  |  | (268) |  |  | 1,727
Guarantee reimbursements |  |  | 80 |  |  | — |  |  | —
Gain on settlement |  |  | 375 |  |  | — |  |  | —
Gain on foreclosure |  |  | — |  |  | 96 |  |  | 974
Gains (losses) on foreclosed assets |  | $ | 940 |  | $ | (1,337) |  | $ | 282
The carrying value of foreclosed one-to-four family residential real estate property as of December 31, 2019 and 2018, was $1,037,000 and $2,558,000, respectively. As of December 31, 2019, there were 10 one-to-four family residential real estate loans in the process of foreclosure totaling approximately $588,000. As of December 31, 2018, there were 14 residential real estate loans in the process of foreclosure totaling approximately $1,097,000.

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- Definition Disclosure of accounting policy for real estate acquired through foreclosure. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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- References No definition available. + Details
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