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Other Real Estate and Repossessed Assets Acquired in Settlement of Loans | 12 Months Ended
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Dec. 31, 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
(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 |  |  | 230 |  |  | 336
Real estate mortgage - commercial |  |  | 2,799 |  |  | 2,909
Total |  | $ | 15,737 |  | $ | 16,693
Less valuation allowance for other real estate owned |  |  | (2,956) |  |  | (3,002)
Total other real estate owned |  | $ | 12,781 |  | $ | 13,691
Changes in the net carrying amount of other real estate owned for the years indicated:
Balance at December 31, 2017 | $ | 16,403
Additions |  | 1,106
Proceeds from sales |  | (585)
Charge-offs against the valuation allowance for other real estate owned, net |  | (245)
Net gain on sales |  | 14
Balance at December 31, 2018 |  | 16,693
Additions |  | 452
Proceeds from sales |  | (1,435)
Charge-offs against the valuation allowance for other real estate owned, net |  | (95)
Net gain on sales |  | 122
Total other real estate owned | $ | 15,737
Less valuation allowance for other real estate owned |  | (2,956)
Balance at December 31, 2019 | $ | 12,781
At December 31, 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 in the process of foreclosure at December 31, 2018. Activity in the valuation allowance for other real estate owned in settlement of loans for the years indicated:
(in thousands) |  | 2019 |  | 2018 |  | 2017
Balance, beginning of period |  | $ | 3,002 |  | $ | 3,221 |  | $ | 3,129
Provision for other real estate owned |  |  | 49 |  |  | 26 |  |  | 284
Charge-offs |  |  | (95) |  |  | (245) |  |  | (192)
Balance, end of period |  | $ | 2,956 |  | $ | 3,002 |  | $ | 3,221

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- References No definition available. + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118952595&loc=d3e4437-111522 + Details
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