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FORECLOSED ASSETS | 3 Months Ended
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Mar. 31, 2020
FORECLOSED ASSETS |
FORECLOSED ASSETS | NOTE 5 – FORECLOSED ASSETS Foreclosed assets activity is as follows for the three months ended March 31, 2020 and 2019:
|  | Three Months Ended March 31, |
|  | 2020 |  | 2019 |
|  | (dollars in thousands) |
Beginning balance |  | $ | 5,099 |  | $ | 9,559 |
Transfers from loans |  |  | 19 |  |  | 1,408 |
Proceeds from sales |  |  | (677) |  |  | (511) |
Sales through loan origination |  |  | — |  |  | (269) |
Net gain (loss) on sales |  |  | 75 |  |  | 89 |
Direct write-downs |  |  | (47) |  |  | (125) |
Ending balance |  | $ | 4,469 |  | $ | 10,151 |
Gains (losses) on foreclosed assets includes the following for the three months ended March 31, 2020 and 2019.
|  | Three Months Ended March 31, |
|  | 2020 |  | 2019 |
|  | (dollars in thousands) |
Direct write-downs |  | $ | (47) |  | $ | (125) |
Net gain (loss) on sales |  |  | 75 |  |  | 89 |
Guarantee reimbursements |  |  | 7 |  |  | 19 |
Gains (losses) on foreclosed assets |  | $ | 35 |  | $ | (17) |
The carrying value of foreclosed one-to-four family residential real estate property as of March 31, 2020 and December 31, 2019, was $980,000 and $1,037,000, respectively. As of March 31, 2020, there were 8 one-to-four family residential real estate loans in the process of foreclosure totaling approximately $564,000. As of December 31, 2019, there were 10 residential real estate loans in the process of foreclosure totaling approximately $588,000.

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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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