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FORECLOSED ASSETS | 12 Months Ended
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Dec. 31, 2021
FORECLOSED ASSETS |
FORECLOSED ASSETS | NOTE 8 – FORECLOSED ASSETS Foreclosed assets activity is as follows for the years ended December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2021 |  | 2020 |  | 2019
​ | ​ | (dollars in thousands)
Beginning balance | ​ | $ | 4,168 | ​ | $ | 5,099 | ​ | $ | 9,559
Transfers from loans | ​ | ​ | 4,857 | ​ | ​ | 1,074 | ​ | ​ | 2,520
Capitalized improvements | ​ | ​ | — | ​ | ​ | 6 | ​ | ​ | 41
Proceeds from sales | ​ | ​ | (5,805) | ​ | ​ | (2,079) | ​ | ​ | (5,460)
Sales through loan origination | ​ | ​ | (252) | ​ | ​ | (67) | ​ | ​ | (2,046)
Net gain (loss) on sales | ​ | ​ | 505 | ​ | ​ | 348 | ​ | ​ | 1,048
Direct write-downs | ​ | ​ | (195) | ​ | ​ | (213) | ​ | ​ | (563)
Ending balance | ​ | $ | 3,278 | ​ | $ | 4,168 | ​ | $ | 5,099
​ ​ Gains (losses) on foreclosed assets includes the following for the years ended December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2021 |  | 2020 |  | 2019
​ | ​ | (dollars in thousands)
Direct write-downs | ​ | $ | (195) | ​ | $ | (213) | ​ | $ | (563)
Net gain (loss) on sales | ​ | ​ | 505 | ​ | ​ | 348 | ​ | ​ | 1,048
Guarantee reimbursements | ​ | ​ | — | ​ | ​ | 7 | ​ | ​ | 80
Gain on settlement | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 375
Gains (losses) on foreclosed assets | ​ | $ | 310 | ​ | $ | 142 | ​ | $ | 940
​ The carrying value of foreclosed one-to-four family residential real estate property as of December 31, 2021 and 2020, was $169,000 and $868,000, respectively. As of December 31, 2021, there were 4 one-to-four family residential real estate loans in the process of foreclosure totaling approximately $55,000. As of December 31, 2020, there were 11 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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