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Real Estate Owned
12 Months Ended
Dec. 31, 2024
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)20242023
Beginning balance, net$2,705 $3,439 
Additions/transfers from loans682 155 
Dispositions/sales(359)(206)
Valuation adjustments(242)(683)
Ending balance, net$2,786 $2,705 
Ending valuation allowance$(717)$(739)
Ending number of foreclosed assets10 
Proceeds from sale of real estate owned$351 $224 
Gain (loss) on sale of real estate owned$(8)$18 
At December 31, 2024, the balance of real estate owned includes 8 foreclosed real estate properties and two land properties recorded as a result of obtaining physical possession of the property. At December 31, 2024, there were no real estate properties with formal foreclosure proceedings underway.