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Other Real Estate and Other Assets Acquired in Settlement of Loans | 12 Months Ended
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Dec. 31, 2023
Other Real Estate [Abstract] |
Other Real Estate and Other Assets Acquired in Settlement of Loans | Other Real Estate and Other Assets Acquired in Settlement of Loans
(in thousands) | 2023 |  | 2022
Real estate construction - commercial | $ | 7,668 |  |  | $ | 10,094 |
Real estate mortgage - residential | 20 |  |  | 179 |
Real estate mortgage - commercial | — |  |  | 1,186 |
Repossessed assets | 6 |  |  | — |
Total | $ | 7,694 |  |  | $ | 11,459 |
Less valuation allowance for other real estate owned | (5,950) |  |  | (2,664) |
Total other real estate owned | $ | 1,744 |  |  | $ | 8,795 |
Changes in the net carrying amount of other real estate owned for the years indicated:
Balance at December 31, 2021 | $ | 13,436 |
Additions | 162 |
Proceeds from sales | (2,176) |
Charge-offs against the valuation allowance for other real estate owned, net | (218) |
Net gain on sales | 255 |
Balance at December 31, 2022 | $ | 11,459 |
Additions | 71 |
Proceeds from sales | (2,691) |
Charge-offs against the valuation allowance for other real estate owned, net | (1,443) |
Net gain on sales | 298 |
Total other real estate owned | $ | 7,694 |
Less valuation allowance for other real estate owned | (5,950) |
Balance at December 31, 2023 | $ | 1,744 |
At December 31, 2023, $0.1 million consumer mortgage loans secured by residential real estate properties were in the process of foreclosure compared to $0.2 million of consumer mortgage loans in the process of foreclosure at December 31, 2022. Activity in the valuation allowance for other real estate owned in settlement of loans for the years December 31, as indicated:
(in thousands) | 2023 |  | 2022 |  | 2021
Balance, beginning of year | $ | 2,664 |  |  | $ | 2,911 |  |  | $ | 2,614 |
Provision for (release of) other real estate owned | 4,729 |  |  | (29) |  |  | 965 |
Charge-offs | (1,443) |  |  | (218) |  |  | (668) |
Balance, end of year | $ | 5,950 |  |  | $ | 2,664 |  |  | $ | 2,911 |
During 2023 the Company recorded a $4.7 valuation write-down primarily related to two foreclosed property relationships.

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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 -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-3 + Details
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