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FORECLOSED ASSETS | 9 Months Ended
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Sep. 30, 2021
FORECLOSED ASSETS |
FORECLOSED ASSETS | NOTE 6 – FORECLOSED ASSETS Foreclosed assets activity is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | (dollars in thousands)
Beginning balance | ​ | $ | 7,757 | ​ | $ | 4,450 | ​ | $ | 4,168 | ​ | $ | 5,099
Transfers from loans | ​ | ​ | — | ​ | ​ | 172 | ​ | ​ | 4,856 | ​ | ​ | 499
Capitalized improvements | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6
Proceeds from sales | ​ | ​ | (354) | ​ | ​ | (792) | ​ | ​ | (1,583) | ​ | ​ | (1,793)
Sales through loan origination | ​ | ​ | (74) | ​ | ​ | — | ​ | ​ | (252) | ​ | ​ | (67)
Net gain (loss) on sales | ​ | ​ | 108 | ​ | ​ | 125 | ​ | ​ | 321 | ​ | ​ | 269
Direct write-downs | ​ | ​ | (122) | ​ | ​ | (98) | ​ | ​ | (195) | ​ | ​ | (156)
Ending balance | ​ | $ | 7,315 | ​ | $ | 3,857 | ​ | $ | 7,315 | ​ | $ | 3,857
​ Gains (losses) on foreclosed assets includes the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | (dollars in thousands)
Direct write-downs | ​ | $ | (122) | ​ | $ | (98) | ​ | $ | (195) | ​ | $ | (156)
Net gain (loss) on sales | ​ | ​ | 108 | ​ | ​ | 125 | ​ | ​ | 321 | ​ | ​ | 269
Guarantee reimbursements | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7
Gains (losses) on foreclosed assets | ​ | $ | (14) | ​ | $ | 27 | ​ | $ | 126 | ​ | $ | 120
​ The carrying value of foreclosed one-to-four family residential real estate property as of September 30, 2021 and December 31, 2020, was $486,000 and $868,000, respectively. As of September 30, 2021, there was 1 one-to-four family residential real estate loans in the process of foreclosure totaling approximately $34,000. 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 + Details
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- References No definition available. + Details
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