Other Real Estate and Other Assets Acquired in Settlement of Loans (Tables)

9 Months Ended

Sep. 30, 2023


	September 30,		December 31,
(in thousands)	2023		2022

Real estate construction - commercial	$	10,054	$	10,094
Real estate mortgage - residential	71		179
Real estate mortgage - commercial	706		1,186

Total	$	10,831	$	11,459
Less valuation allowance for other real estate owned	(7,267)		(2,664)
Total other real estate owned and repossessed assets	$	3,564	$	8,795

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Balance at beginning of period	$	10,924	$	11,819	$	11,459	$	13,436
Additions net of (charge-offs)	—		55		44		3
Proceeds from sales	(54)		—		(681)		(1,348)
Charge-offs against the valuation allowance for other real estate owned, net	(40)		—		(40)		(219)
Net gain on sales	1		—		49		2
Total other real estate owned	10,831		11,874		$	10,831	$	11,874
Less valuation allowance for other real estate owned	(7,267)		(2,664)		(7,267)		(2,664)
Balance at end of period	$	3,564	$	9,210	$	3,564	$	9,210

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)	2023		2022		2023		2022
Balance at beginning of period	$	4,495	$	2,664	$	2,664	$	2,911
Provision for (release of) valuation allowance for other real estate owned	2,812		—		4,643		(28)
Charge-offs	(40)		—		(40)		(219)
Balance at end of period	$	7,267	$	2,664	$	7,267	$	2,664