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Other Real Estate Owned and Repossessed Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Other Real Estate [Abstract]  
Summary of Foreclosed Property Activity

Other Real Estate Owned

Other real estate and certain other assets acquired in foreclosure are reported at the net realizable value of the property, less estimated costs to sell. The following table summarizes foreclosed property activity during the years ended December 31, 2023 and 2022:

 

 

 

December 31,
2023

 

 

December 31,
2022

 

 

 

(Dollars in Thousands)

 

Beginning balance

 

$

686

 

 

$

2,149

 

Additions (1)

 

 

—

 

 

 

411

 

Sales proceeds

 

 

(15

)

 

 

(2,232

)

Gross gains

 

 

1

 

 

 

386

 

Gross losses

 

 

(6

)

 

 

(27

)

Net gains

 

 

(5

)

 

 

359

 

Impairment

 

 

(64

)

 

 

(1

)

Ending balance

 

$

602

 

 

$

686

 

 

(1)
Additions to other real estate owned (“OREO”) may include transfers from loans, transfers from closed branches, and capitalized improvements to existing OREO properties.
Summary of Repossessed Assets Activity The following table summarizes repossessed asset activity during the years ended December 31, 2023 and 2022:

 

 

 

December 31,
2023

 

 

December 31,
2022

 

 

 

(Dollars in Thousands)

 

Beginning balance

 

$

83

 

 

$

154

 

Transfers from loans

 

 

1,178

 

 

 

887

 

Sales proceeds

 

 

(453

)

 

 

(506

)

Gross gains

 

 

—

 

 

 

—

 

Gross losses

 

 

(535

)

 

 

(452

)

Net losses

 

 

(535

)

 

 

(452

)

Impairment

 

 

—

 

 

 

—

 

Ending balance

 

$

273

 

 

$

83