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FORECLOSED ASSETS
 12 Months Ended
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.