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Other Real Estate and Other Assets Acquired in Settlement of Loans | 6 Months Ended
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Jun. 30, 2024
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
| June 30, |  | December 31,
(in thousands) | 2024 |  | 2023
Commercial | $ | 98 |  |  | $ | — |
Real estate construction - commercial | 2,549 |  |  | 7,668 |
Real estate mortgage - residential | — |  | 20
Real estate mortgage - commercial | 2,722 |  | —
Repossessed assets | — |  |  | 6 |
Total | $ | 5,369 |  |  | $ | 7,694 |
Less valuation allowance for other real estate owned | (1,744) |  | (5,950)
Total other real estate owned and repossessed assets | $ | 3,625 |  |  | $ | 1,744 |
Changes in the net carrying amount of other real estate owned and repossessed assets were as follows for the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Balance at beginning of period | $ | 7,887 |  | $ | 10,911 |  | $ | 7,694 |  | $ | 11,459
Additions net of (charge-offs) | 2,730 |  | 44 |  | 2,949 |  | 44
Proceeds from sales | (1,488) |  |  | (70) |  | (1,548) |  |  | (627) |
Charge-offs against the valuation allowance for other real estate owned, net | (3,820) |  |  | — |  | (3,820) |  |  | —
Net gain on sales | 60 |  | 39 |  | 94 |  | 48
Total other real estate owned | 5,369 |  | 10,924 |  | $ | 5,369 |  | $ | 10,924
Less valuation allowance for other real estate owned | (1,744) |  |  | (4,495) |  |  | (1,744) |  |  | (4,495) |
Balance at end of period | $ | 3,625 |  | $ | 6,429 |  | $ | 3,625 |  | $ | 6,429
At June 30, 2024, there were $0.1 million of consumer mortgage loans secured by residential real estate properties in the process of foreclosure compared to $0.01 million at December 31, 2023. 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) | 2024 |  | 2023 |  | 2024 |  | 2023
Balance at beginning of period | $ | 5,950 |  | $ | 2,664 |  | $ | 5,950 |  | $ | 2,664
Provision for valuation allowance for other real estate owned | (386) |  | 1,831 |  | (386) |  | 1,831
Charge-offs | (3,820) |  | — |  | (3,820) |  | —
Balance at end of period | $ | 1,744 |  | $ | 4,495 |  | $ | 1,744 |  | $ | 4,495

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- References No definition available. + Details
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Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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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
Name: | us-gaap_RealEstateOwnedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration