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FORECLOSED ASSETS | 12 Months Ended
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Dec. 31, 2022
FORECLOSED ASSETS |
FORECLOSED ASSETS | NOTE 7 – FORECLOSED ASSETS Foreclosed assets activity is as follows for the years ended December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | (dollars in thousands)
Beginning balance | ​ | $ | 3,278 | ​ | $ | 4,168 | ​ | $ | 5,099
Transfers from loans | ​ | ​ | 541 | ​ | ​ | 4,857 | ​ | ​ | 1,074
Capitalized improvements | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6
Proceeds from sales | ​ | ​ | (475) | ​ | ​ | (5,805) | ​ | ​ | (2,079)
Sales through loan origination | ​ | ​ | — | ​ | ​ | (252) | ​ | ​ | (67)
Net gain on sales | ​ | ​ | 118 | ​ | ​ | 505 | ​ | ​ | 348
Direct write-downs | ​ | ​ | (432) | ​ | ​ | (195) | ​ | ​ | (213)
Ending balance | ​ | $ | 3,030 | ​ | $ | 3,278 | ​ | $ | 4,168
​ ​ Gains (losses) on foreclosed assets includes the following for the years ended December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | (dollars in thousands)
Direct write-downs | ​ | $ | (432) | ​ | $ | (195) | ​ | $ | (213)
Net gain on sales | ​ | ​ | 118 | ​ | ​ | 505 | ​ | ​ | 348
Guarantee reimbursements | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7
Gains (losses) on foreclosed assets | ​ | $ | (314) | ​ | $ | 310 | ​ | $ | 142
​ The carrying value of foreclosed one-to-four family residential real estate property as of December 31, 2022 and 2021, was $20 thousand and $0.2 million, respectively. As of December 31, 2022, there were 4 one-to-four family residential real estate loans in the process of foreclosure totaling approximately $0.2 million. As of December 31, 2021, there were 4 residential real estate loans in the process of foreclosure totaling approximately $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 https://asc.fasb.org/subtopic&trid=2196772 + Details
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- References No definition available. + Details
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