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FORECLOSED ASSETS

3 Months Ended

Mar. 31, 2022

FORECLOSED ASSETS

FORECLOSED ASSETS

NOTE 6 – FORECLOSED ASSETS

Foreclosed assets activity is as follows:

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2022			2021
​	​	(dollars in thousands)
Beginning balance	​	$	3,278	​	$	4,168
Transfers from loans	​	​	19	​	​	671
Proceeds from sales	​	​	(294)	​	​	(15)
Net gain (loss) on sales	​	​	105	​	​	(3)
Direct write-downs	​	​	(65)	​	​	(73)
Ending balance	​	$	3,043	​	$	4,748

​

Gains (losses) on foreclosed assets includes the following:

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2022			2021
​	​	(dollars in thousands)
Direct write-downs	​	$	(65)	​	$	(73)
Net gain (loss) on sales	​	​	105	​	​	(3)
Gains (losses) on foreclosed assets	​	$	40	​	$	(76)

​

There were no foreclosed one-to-four family residential real estate properties held as of March 31, 2022. The carrying value of foreclosed one-to-four family residential real estate properties held as of December 31, 2021 was $0.2 million. As of March 31, 2022, there was 1 one-to-four family residential real estate loan in the process of foreclosure totaling $18 thousand. As of December 31, 2021, there were 4 one-to-four family residential real estate loans in the process of foreclosure totaling $0.1 million.

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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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X

- References

No definition available.

+ Details

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