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OTHER REAL ESTATE OWNED AND REPOSSESSIONS

9 Months Ended

Sep. 30, 2022

OTHER REAL ESTATE OWNED AND REPOSSESSIONS.

OTHER REAL ESTATE OWNED AND REPOSSESSIONS

NOTE 8: OTHER REAL ESTATE OWNED AND REPOSSESSIONS

Major classifications of other real estate owned were as follows:

​

​	​	​	​	​	​	​
​		September 30,			December 31,
​	​	2022		​	2021
​	​	(In Thousands)
Foreclosed assets held for sale and repossessions		​			​
One- to four-family construction	​	$	—	​	$	—
Subdivision construction	​		—	​		—
Land development	​		—	​		315
Commercial construction	​		—	​		—
One- to four-family residential	​		—	​		183
Other residential	​		—	​		—
Commercial real estate	​		—	​		—
Commercial business	​		—	​		—
Consumer	​		86	​		90
​	​		​	​		​
Foreclosed assets held for sale and repossessions	​		86	​		588
​	​	​	​	​	​	​
Other real estate owned not acquired through foreclosure	​		183	​		1,499
​	​	​	​	​	​	​
Other real estate owned and repossessions	​	$	269	​	$	2,087

​

At September 30, 2022, other real estate owned not acquired through foreclosure included two properties, both of which were branch locations that were closed and held for sale. 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.

At September 30, 2022, residential mortgage loans totaling $480,000 were in the process of foreclosure. At December 31, 2021, residential mortgage loans totaling $125,000 were in the process of foreclosure.

Expenses applicable to other real estate owned and repossessions included the following:

​

​	​	​	​	​	​	​
​		Three Months Ended
​	​	September 30,
​	​	2022			2021
​	​	(In Thousands)
Net gains on sales of other real estate owned and repossessions	​	$	(5)	​	$	(1)
Valuation write-downs	​		—	​		—
Operating expenses, net of rental income	​		89	​		104
​	​	$	84	​	$	103

​

​	​	​	​	​	​	​
​	​	Nine Months Ended
​	​	September 30,
​		2022			2021
​	​	(In Thousands)
Net gains on sales of other real estate owned and repossessions	​	$	(148)		$	(169)
Valuation write-downs	​		23		​	83
Operating expenses, net of rental income	​		438		​	559
​	​	$	313	​	$	473

​

X

- References

No definition available.

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X

- 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 https://asc.fasb.org/extlink&oid=124259787&loc=d3e4437-111522

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