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Other Real Estate Acquired in Settlement of Loans

9 Months Ended

Sep. 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


		September 30,			December 31,
(in thousands)		2021			2020
Commercial		$	644		$	920
Real estate construction - commercial			10,094			10,986
Real estate mortgage - residential			235			201
Real estate mortgage - commercial			2,798			2,798
Total		$	13,771		$	14,905
Less valuation allowance for other real estate owned			(2,157)			(2,614)
Total other real estate owned		$	11,614		$	12,291

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,
(in thousands)		2021			2020			2021			2020
Balance at beginning of period		$	14,552		$	15,488		$	14,905		$	15,737
Additions			112			73			142			73
Proceeds from sales			(423)			(15)			(747)			(209)
Charge-offs against the valuation allowance for other real estate owned, net			(470)			—			(554)			—
Donation			—			—			—			(266)
Net gain on sales			—			8			25			219
Total other real estate owned		$	13,771		$	15,554		$	13,771		$	15,554
Less valuation allowance for other real estate owned			(2,157)			(2,953)			(2,157)			(2,953)
Balance at end of period		$	11,614		$	12,601		$	11,614		$	12,601

At September 30, 2021, $209,000 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 September 30,						Nine Months Ended September 30,
(in thousands)		2021			2020			2021			2020
Balance, beginning of period		$	2,614		$	2,968		$	2,614		$	2,956
Provision (release) for other real estate owned			13			(15)			97			(3)
Charge-offs			(470)			—			(554)			—
Balance, end of period		$	2,157		$	2,953		$	2,157		$	2,953