Other Real Estate Acquired in Settlement of Loans

6 Months Ended

Jun. 30, 2022

Other Real Estate Acquired in Settlement of Loans


	June 30,		December 31,
(in thousands)	2022		2021
Commercial	$	—	$	643
Real estate construction - commercial	10,094		10,166
Real estate mortgage - residential	86		117
Real estate mortgage - commercial	1,639		2,510
Total	$	11,819	$	13,436
Less valuation allowance for other real estate owned	(2,664)		(2,911)
Total other real estate owned	$	9,155	$	10,525

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Balance at beginning of period	$	12,669	$	14,842	$	13,436	$	14,905
Additions net of (charge-offs)	—		—		(52)		30
Proceeds from sales	(625)		(216)		(1,348)		(324)
Charge-offs against the valuation allowance for other real estate owned, net	(219)		(84)		(219)		(84)
Net gain on sales	(6)		10		2		25
Total other real estate owned	11,819		14,552		11,819		14,552
Less valuation allowance for other real estate owned	(2,664)		(2,614)		(2,664)		(2,614)
Balance at end of period	$	9,155	$	11,938	$	9,155	$	11,938

At June 30, 2022, $0.2 million of consumer mortgage loans secured by residential real estate properties were in the process of foreclosure compared to $0.2 million of consumer mortgage loans at December 31, 2021.

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)	2022		2021		2022		2021
Balance at beginning of period	$	2,911	$	2,702	$	2,911	$	2,614
Provision for other real estate owned	(28)		(4)		(28)		84
Charge-offs	(219)		(84)		(219)		(84)
Balance at end of period	$	2,664	$	2,614	$	2,664	$	2,614