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OTHER REAL ESTATE OWNED AND REPOSSESSIONS | 6 Months Ended
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Jun. 30, 2023
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2023 | ​ | 2022
​ | ​ | (In Thousands)
Foreclosed assets held for sale and repossessions |  | ​ |  |  | ​ |
One- to four-family construction | ​ | $ | — | ​ | $ | —
Subdivision construction | ​ |  | — | ​ |  | —
Land development | ​ |  | — | ​ |  | —
Commercial construction | ​ |  | — | ​ |  | —
One- to four-family residential | ​ |  | 21 | ​ |  | —
Other residential | ​ |  | — | ​ |  | —
Commercial real estate | ​ |  | — | ​ |  | —
Commercial business | ​ |  | — | ​ |  | —
Consumer | ​ |  | 14 | ​ |  | 50
​ | ​ |  | ​ | ​ |  | ​
Foreclosed assets held for sale and repossessions | ​ |  | 35 | ​ |  | 50
​ | ​ | ​ | ​ | ​ | ​ | ​
Other real estate owned not acquired through foreclosure | ​ |  | — | ​ |  | 183
​ | ​ | ​ | ​ | ​ | ​ | ​
Other real estate owned and repossessions | ​ | $ | 35 | ​ | $ | 233
​ At June 30, 2023, there was no other real estate owned not acquired through foreclosure, as two properties were sold during the six months ended June 30, 2023. At December 31, 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 June 30, 2023 and December 31, 2022, residential mortgage loans totaling $190,000 and $173,000, respectively, were in the process of foreclosure. Expenses applicable to other real estate owned and repossessions included the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended
​ | ​ | June 30,
​ | ​ | 2023 |  | 2022
​ | ​ | (In Thousands)
Net loss (gains) on sales of other real estate owned and repossessions | ​ | $ | (21) | ​ | $ | (137)
Valuation write-downs | ​ |  | 8 | ​ |  | 8
Operating expenses, net of rental income | ​ |  | 60 | ​ |  | 194
​ | ​ | $ | 47 | ​ | $ | 65
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Six Months Ended
​ | ​ | June 30,
​ | ​ | 2023 |  | 2022
​ | ​ | (In Thousands)
Net loss (gains) on sales of other real estate owned and repossessions | ​ | $ | (19) | ​ | $ | (143)
Valuation write-downs | ​ |  | 82 | ​ | ​ | 23
Operating expenses, net of rental income | ​ |  | 138 | ​ | ​ | 348
​ | ​ | $ | 201 | ​ | $ | 228
​

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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 -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-3 + Details
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