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Other Real Estate Owned and Repossessions

12 Months Ended

Dec. 31, 2019

Other Real Estate Owned and Repossessions

Other Real Estate Owned and Repossessions

Note 5:      Other Real Estate Owned and Repossessions

Major classifications of other real estate owned at December 31, 2020 and 2019, were as follows:

​

​	​	​	​	​	​	​
​		2020			2019
​	​	(In Thousands)
Foreclosed assets held for sale and repossessions		​			​
One- to four-family construction	​	$	—	​	$	—
Subdivision construction	​		263	​		689
Land development	​		250	​		1,816
Commercial construction	​		—	​		—
One- to four-family residential	​		111	​		601
Other residential	​		—	​		—
Commercial real estate	​		—	​		—
Commercial business	​		—	​		—
Consumer	​		153	​		545
​	​		777	​		3,651
​	​		​	​		​
Foreclosed assets related to FDIC acquisitions, net of discounts	​		446	​		1,003
​	​	​	​	​	​	​
Foreclosed assets held for sale and repossessions, net	​		1,223	​		4,654
​	​	​	​	​	​	​
Other real estate owned not acquired through foreclosure	​		654	​		871
​	​	​	​	​	​	​
Other real estate owned and repossessions	​	$	1,877	​	$	5,525

​

At December 31, 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. During the year ended December 31, 2020, one former branch location was added to this category for $80,000 and was under contract at December 31, 2020. The sale was completed in February 2021, resulting in a small gain. During the year ended December 31, 2020, valuation write-downs of $286,000 were recorded on 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. During the year ended December 31, 2019, one former branch location was both added to this category and sold at a gain of $115,000, which is included in the net gains on sales of other real estate owned and repossessions amount in the table below.

At December 31, 2020, residential mortgage loans totaling $602,000 were in the process of foreclosure, $518,000 of which were acquired loans related to FDIC-assisted transactions.

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 related to FDIC-assisted transactions.

Expenses applicable to other real estate owned and repossessions for the years ended December 31, 2020, 2019 and 2018, included the following:

​

​	​	​	​	​	​	​	​	​	​
​		2020			2019			2018
​	​	(In Thousands)
​	​	​	​	​	​	​	​	​	​
Net gains on sales of other real estate owned and repossessions	​	$	(480)	​	$	(750)	​	$	(2,522)
Valuation write-downs	​		1,320	​		926	​		3,897
Operating expenses, net of rental income	​		1,183	​		2,008	​		3,544
​	​	​	​	​	​	​	​	​	​
​	​	$	2,023	​	$	2,184	​	$	4,919

​

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- References

No definition available.

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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

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