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Other Real Estate and Repossessed Assets Acquired in Settlement of Loans | 9 Months Ended
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Sep. 30, 2019
Other Real Estate and Repossessed Assets Acquired in Settlement of Loans |
Other Real Estate and Repossessed Assets Acquired in Settlement of Loans | (3) Other Real Estate Acquired in Settlement of Loans
|  | September 30, |  | December 31,
(in thousands) |  | 2019 |  | 2018
Commercial |  | $ | 1,155 |  | $ | 1,168
Real estate construction - residential |  |  | — |  |  | 179
Real estate construction - commercial |  |  | 11,553 |  |  | 12,101
Real estate mortgage - residential |  |  | 286 |  |  | 336
Real estate mortgage - commercial |  |  | 2,871 |  |  | 2,909
Total |  | $ | 15,865 |  | $ | 16,693
Less valuation allowance for other real estate owned |  |  | (2,987) |  |  | (3,002)
Total other real estate owned |  | $ | 12,878 |  | $ | 13,691
Changes in the net carrying amount of other real estate owned were as follows for the periods indicated:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2019 |  | 2018 |  | 2019 |  | 2018 |
Balance at beginning of period |  | $ | 16,066 |  | $ | 16,453 |  | $ | 16,693 |  | $ | 16,598 |
Additions |  |  | 68 |  |  | 207 |  |  | 411 |  |  | 589 |
Proceeds from sales |  |  | (352) |  |  | (68) |  |  | (1,277) |  |  | (372) |
Charge-offs against the valuation allowance for other real estate owned, net |  |  | — |  |  | (20) |  |  | (64) |  |  | (245) |
Net gain (loss) on sales |  |  | 83 |  |  | (2) |  |  | 102 |  |  | — |
Total other real estate owned |  | $ | 15,865 |  | $ | 16,570 |  | $ | 15,865 |  | $ | 16,570 |
Less valuation allowance for other real estate owned |  |  | (2,987) |  |  | (3,002) |  |  | (2,987) |  |  | (3,002) |
Balance at end of period |  | $ | 12,878 |  | $ | 13,568 |  | $ | 12,878 |  | $ | 13,568 |
At September 30, 2019, $252,000 of consumer mortgage loans secured by residential real estate properties were in the process of foreclosure compared to $200,000 of consumer mortgage loans at December 31, 2018. Activity in the valuation allowance for other real estate owned was as follows for the periods indicated:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
(in thousands) |  | 2019 |  | 2018 |  | 2019 |  | 2018 |
Balance, beginning of period |  | $ | 2,956 |  | $ | 3,022 |  | $ | 3,002 |  | $ | 3,221 |
Provision for other real estate owned |  |  | 31 |  |  | — |  |  | 49 |  |  | 26 |
Charge-offs |  |  | — |  |  | (20) |  |  | (64) |  |  | (245) |
Balance, end of period |  | $ | 2,987 |  | $ | 3,002 |  | $ | 2,987 |  | $ | 3,002 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 43 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114775070&loc=d3e18511-111553 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=82891408&loc=d3e4437-111522 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(8)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=114775070&loc=d3e18551-111553 + Details
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