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Other Real Estate Acquired in Settlement of Loans

6 Months Ended

Jun. 30, 2021

Other Real Estate Acquired in Settlement of Loans

Other Real Estate Acquired in Settlement of Loans

(3) Other Real Estate Acquired in Settlement of Loans


		June 30,			December 31,
(in thousands)		2021			2020
Commercial		$	644		$	920
Real estate construction - commercial			10,986			10,986
Real estate mortgage - residential			124			201
Real estate mortgage - commercial			2,798			2,798
Total		$	14,552		$	14,905
Less valuation allowance for other real estate owned			(2,614)			(2,614)
Total other real estate owned		$	11,938		$	12,291

Changes in the net carrying amount of other real estate owned were as follows for the periods indicated:


		Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)		2021			2020			2021			2020
Balance at beginning of period		$	14,842		$	15,737		$	14,905		$	15,737
Additions			—			—			30			—
Proceeds from sales			(216)			(194)			(324)			(194)
Charge-offs against the valuation allowance for other real estate owned, net			(84)			—			(84)			—
Donation			—			(266)			—			(266)
Net gain on sales			10			211			25			211
Total other real estate owned		$	14,552		$	15,488		$	14,552		$	15,488
Less valuation allowance for other real estate owned			(2,614)			(2,968)			(2,614)			(2,968)
Balance at end of period		$	11,938		$	12,520		$	11,938		$	12,520

At June 30, 2021, $214,000 of consumer mortgage loans secured by residential real estate properties were in the process of foreclosure compared to $287,000 of consumer mortgage loans at December 31, 2020.

Activity in the valuation allowance for other real estate owned was as follows for the periods indicated:


		Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)		2021			2020			2021			2020
Balance, beginning of period		$	2,702		$	2,968		$	2,614		$	2,956
Provision (release) for other real estate owned			(4)			—			84			12
Charge-offs			(84)			—			(84)			—
Balance, end of period		$	2,614		$	2,968		$	2,614		$	2,968