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FORECLOSED ASSETS | 12 Months Ended
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Dec. 31, 2020
FORECLOSED ASSETS |
FORECLOSED ASSETS | NOTE 7 – FORECLOSED ASSETS Foreclosed assets activity is as follows for the years ended December 31:
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | (dollars in thousands)
Beginning balance |  | $ | 5,099 |  | $ | 9,559 |  | $ | 16,545
Transfers from loans |  |  | 1,074 |  |  | 2,520 |  |  | 2,518
Capitalized improvements |  |  | 6 |  |  | 41 |  |  | —
Proceeds from sales |  |  | (2,079) |  |  | (5,460) |  |  | (6,851)
Sales through loan origination |  |  | (67) |  |  | (2,046) |  |  | (1,220)
Net gain (loss) on sales |  |  | 348 |  |  | 1,048 |  |  | (268)
Direct write-downs |  |  | (213) |  |  | (563) |  |  | (1,165)
Ending balance |  | $ | 4,168 |  | $ | 5,099 |  | $ | 9,559
Gains (losses) on foreclosed assets includes the following for the years ended December 31:
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | (dollars in thousands)
Direct write-downs |  | $ | (213) |  | $ | (563) |  | $ | (1,165)
Net gain (loss) on sales |  |  | 348 |  |  | 1,048 |  |  | (268)
Guarantee reimbursements |  |  | 7 |  |  | 80 |  |  | —
Gain on settlement |  |  | — |  |  | 375 |  |  | —
Gain on foreclosure |  |  | — |  |  | — |  |  | 96
Gains (losses) on foreclosed assets |  | $ | 142 |  | $ | 940 |  | $ | (1,337)
The carrying value of foreclosed one-to-four family residential real estate property as of December 31, 2020 and 2019, was $868,000 and $1,037,000, respectively. As of December 31, 2020, there were 11 one-to-four family residential real estate loans in the process of foreclosure totaling approximately $1,526,000. 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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