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FORECLOSED ASSETS

3 Months Ended

Mar. 31, 2021

FORECLOSED ASSETS

FORECLOSED ASSETS

NOTE 5 – FORECLOSED ASSETS

Foreclosed assets activity is as follows:

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2021			2020
​	​	(dollars in thousands)
Beginning balance	​	$	4,168	​	$	5,099
Transfers from loans	​	​	671	​	​	19
Proceeds from sales	​	​	(15)	​	​	(677)
Net gain (loss) on sales	​	​	(3)	​	​	75
Direct write-downs	​	​	(73)	​	​	(47)
Ending balance	​	$	4,748	​	$	4,469

​

Gains (losses) on foreclosed assets includes the following:

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2021			2020
​	​	(dollars in thousands)
Direct write-downs	​	$	(73)	​	$	(47)
Net gain (loss) on sales	​	​	(3)	​	​	75
Guarantee reimbursements	​	​	—	​	​	7
Gains (losses) on foreclosed assets	​	$	(76)	​	$	35

​

The carrying value of foreclosed one-to-four family residential real estate property as of March 31, 2021 and December 31, 2020, was $1,341,000 and $868,000, respectively. As of March 31, 2021, there were 8 one-to-four family residential real estate loans in the process of foreclosure totaling approximately $947,000. 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.

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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

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- References

No definition available.

+ Details

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Namespace Prefix:	us-gaap_
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