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Real Estate Owned
12 Months Ended
Dec. 31, 2023
Repossessed Assets [Abstract]  
Real Estate Owned Real Estate Owned
A summary of the activity in the balance of real estate owned follows:
Year ended December 31,
(in thousands)20232022
Beginning balance, net$3,439 $2,594 
Additions/transfers from loans155 1,349 
Dispositions/sales(206)(707)
Valuation adjustments(683)203 
Ending balance, net$2,705 $3,439 
Ending valuation allowance$(739)$(113)
Ending number of foreclosed assets
Proceeds from sale of real estate owned$224 $873 
Gain on sale of real estate owned$19 $166 
At December 31, 2023, the balance of real estate owned includes 8 foreclosed real estate properties and one land property recorded as a result of obtaining physical possession of the property. At December 31, 2023, there were no real estate properties with formal foreclosure proceedings underway