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OTHER REAL ESTATE OWNED AND REPOSSESSIONS | 3 Months Ended
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Mar. 31, 2024
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, |  | December 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | (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 | ​ |  | — | ​ |  | —
Other residential (multi-family) | ​ |  | — | ​ |  | —
Commercial real estate | ​ |  | — | ​ |  | —
Commercial business | ​ |  | — | ​ |  | —
Consumer | ​ |  | 47 | ​ |  | 23
​ | ​ |  | ​ | ​ |  | ​
Total foreclosed assets held for sale and repossessions | ​ |  | 47 | ​ |  | 23
​ | ​ | ​ | ​ | ​ | ​ | ​
Other real estate owned not acquired through foreclosure | ​ |  | 995 | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Total other real estate owned and repossessions | ​ | $ | 1,042 | ​ | $ | 23
​ At March 31, 2024, other real estate owned not acquired through foreclosure included one property, which was a branch location that was closed and held for sale. This property was sold in April 2024 at an immaterial loss. At December 31, 2023, there was no other real estate owned not acquired through foreclosure. At March 31, 2024 and December 31, 2023, residential mortgage loans totaling $41,000 and $-0-, respectively, were in the process of foreclosure. Expenses applicable to other real estate owned and repossessions included the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended
​ | ​ | March 31,
​ | ​ | 2024 |  | 2023
​ | ​ | (In Thousands)
Net loss on sales of other real estate owned and repossessions | ​ | $ | 4 | ​ | $ | 3
Valuation write-downs | ​ |  | — | ​ | ​ | 74
Operating expenses, net of rental income | ​ |  | 57 | ​ | ​ | 77
​ | ​ | $ | 61 | ​ | $ | 154
​

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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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