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FORECLOSED ASSETS | 9 Months Ended
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Sep. 30, 2020
FORECLOSED ASSETS |
FORECLOSED ASSETS | NOTE 5 – FORECLOSED ASSETS Foreclosed assets activity is as follows for the three and nine months ended September 30, 2020 and 2019:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
|  | (dollars in thousands)
Beginning balance |  | $ | 4,450 |  | $ | 9,707 |  | $ | 5,099 |  | $ | 9,559
Transfers from loans |  |  | 172 |  |  | 27 |  |  | 499 |  |  | 1,788
Capitalized improvements |  |  | — |  |  | 41 |  |  | 6 |  |  | 41
Proceeds from sales |  |  | (792) |  |  | (3,173) |  |  | (1,793) |  |  | (4,142)
Sales through loan origination |  |  | — |  |  | — |  |  | (67) |  |  | (360)
Net gain (loss) on sales |  |  | 125 |  |  | 135 |  |  | 269 |  |  | 240
Direct write-downs |  |  | (98) |  |  | (163) |  |  | (156) |  |  | (552)
Ending balance |  | $ | 3,857 |  | $ | 6,574 |  | $ | 3,857 |  | $ | 6,574
Gains (losses) on foreclosed assets includes the following for the three and nine months ended September 30, 2020 and 2019:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
|  | (dollars in thousands)
Direct write-downs |  | $ | (98) |  | $ | (163) |  | $ | (156) |  | $ | (552)
Net gain (loss) on sales |  |  | 125 |  |  | 135 |  |  | 269 |  |  | 240
Guarantee reimbursements |  |  | — |  |  | 8 |  |  | 7 |  |  | 69
Gain on settlement |  |  | — |  |  | — |  |  | — |  |  | 375
Gains (losses) on foreclosed assets |  | $ | 27 |  | $ | (20) |  | $ | 120 |  | $ | 132
The carrying value of foreclosed one-to-four family residential real estate property as of September 30, 2020 and December 31, 2019, was $352,000 and $1,037,000, respectively. As of September 30, 2020, there were 7 one-to-four family residential real estate loans in the process of foreclosure totaling approximately $571,000. 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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