FORECLOSED ASSETS

3 Months Ended

Mar. 31, 2020

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.