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Note 8: Other Real Estate Owned | 9 Months Ended
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Sep. 30, 2020
Notes |
Note 8: Other Real Estate Owned | NOTE 8: OTHER REAL ESTATE OWNED AND REPOSSESSIONS Major classifications of other real estate owned were as follows:
|  | September 30, |  |  | December 31,
|  | 2020 |  |  | 2019
|  | (In Thousands)
Foreclosed assets held for sale and repossessions |  |  |  |  |
One- to four-family construction | $ | - |  | $ | -
Subdivision construction |  | 350 |  |  | 689
Land development |  | 1,075 |  |  | 1,816
Commercial construction |  | - |  |  | -
One- to four-family residential |  | - |  |  | 601
Other residential |  | - |  |  | -
Commercial real estate |  | - |  |  | -
Commercial business |  | - |  |  | -
Consumer |  | 196 |  |  | 545
|  | 1,621 |  |  | 3,651
Foreclosed assets acquired through FDIC-assisted |  |  |  |  |
transactions, net of discounts |  | 446 |  |  | 1,003
Foreclosed assets held for sale and repossessions, net |  | 2,067 |  |  | 4,654
Other real estate owned not acquired through foreclosure |  | 940 |  |  | 871
Other real estate owned and repossessions | $ | 3,007 |  | $ | 5,525
At September 30, 2020 other real estate owned not acquired through foreclosure included seven properties, all of which were branch locations that were closed and held for sale. At December 31, 2019, other real estate owned not acquired through foreclosure included six properties, all of which were branch locations that were closed and held for sale. At September 30, 2020, residential mortgage loans totaling $787,000 were in the process of foreclosure, $657,000 of which were acquired loans. Pursuant to Section 4022 of the recently-enacted CARES Act, the Company has suspended all foreclosure proceedings. Under this provision, no mortgage servicer of any federally-backed mortgage loan is permitted to initiate any foreclosure process, whether judicial or non-judicial, move for a foreclosure judgment or order of sale, or execute a foreclosure- related eviction or foreclosure sale for a 60-day period, beginning March 18, 2020. This provision was subsequently extended through the end of 2020. At December 31, 2019, residential mortgage loans totaling $1.6 million were in the process of foreclosure, $1.4 million of which were acquired loans. Expenses applicable to other real estate owned and repossessions included the following:
|  | Three Months Ended |
|  | September 30, |
|  | 2020 |  |  | 2019 |
|  | (In Thousands) |
Net gains on sales of other real estate owned and repossessions | $ | (348 | ) | $ | (250 | )
Valuation write-downs |  | 269 |  |  | 280 |
Operating expenses, net of rental income |  | 278 |  |  | 573 |
| $ | 199 |  | $ | 603 |
|  | Nine Months Ended |
|  | September 30, |
|  | 2020 |  |  | 2019 |
|  | (In Thousands) |
Net gains on sales of other real estate owned and repossessions | $ | (450 | ) | $ | (659 | )
Valuation write-downs |  | 482 |  |  | 724 |
Operating expenses, net of rental income |  | 914 |  |  | 1,577 |
| $ | 946 |  | $ | 1,642 |

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=121593590&loc=d3e4437-111522 + Details
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