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Other Real Estate Owned and Repossessions | 12 Months Ended
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Dec. 31, 2021
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, 2021 and 2020, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
​ | ​ | (In Thousands)
Foreclosed assets held for sale and repossessions |  | ​ |  |  | ​ |
One- to four-family construction | ​ | $ | — | ​ | $ | —
Subdivision construction | ​ |  | — | ​ |  | 263
Land development | ​ |  | — | ​ |  | 250
Commercial construction | ​ |  | — | ​ |  | —
One- to four-family residential | ​ |  | — | ​ |  | 111
Other residential | ​ |  | — | ​ |  | —
Commercial real estate | ​ |  | — | ​ |  | —
Commercial business | ​ |  | — | ​ |  | —
Consumer | ​ |  | 90 | ​ |  | 153
​ | ​ |  | 90 | ​ |  | 777
​ | ​ |  | ​ | ​ |  | ​
Foreclosed assets related to FDIC-assisted acquired acquisitions, net of discounts | ​ |  | 498 | ​ |  | 446
​ | ​ | ​ | ​ | ​ | ​ | ​
Foreclosed assets held for sale and repossessions, net | ​ |  | 588 | ​ |  | 1,223
​ | ​ | ​ | ​ | ​ | ​ | ​
Other real estate owned not acquired through foreclosure | ​ |  | 1,499 | ​ |  | 654
​ | ​ | ​ | ​ | ​ | ​ | ​
Other real estate owned and repossessions | ​ | $ | 2,087 | ​ | $ | 1,877
​ At December 31, 2021, other real estate owned not acquired through foreclosure included four properties all of which were branch locations that were closed and held for sale. During the year ended December 31, 2021, one former branch location was added to this category for $1.2 million. During the year ended December 31, 2021, no additional valuation write-downs were recorded on branch locations that were closed and held for sale. 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. 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, 2021, residential mortgage loans totaling $125,000 were in the process of foreclosure, none of which were acquired loans related to FDIC-assisted transactions. 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. Expenses applicable to other real estate owned and repossessions for the years ended December 31, 2021, 2020 and 2019, included the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019
​ | ​ | (In Thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net gains on sales of other real estate owned and repossessions | ​ | $ | (282) | ​ | $ | (480) | ​ | $ | (750)
Valuation write-downs | ​ |  | 211 | ​ |  | 1,320 | ​ |  | 926
Operating expenses, net of rental income | ​ |  | 698 | ​ |  | 1,183 | ​ |  | 2,008
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 627 | ​ | $ | 2,023 | ​ | $ | 2,184
​

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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=124259787&loc=d3e4437-111522 + Details
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