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Other Real Estate and Other Assets Acquired in Settlement of Loans
 3 Months Ended
Mar. 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
March 31,December 31,
(in thousands)20232022
Real estate construction - commercial$10,094 $10,094 
Real estate mortgage - residential110179
Real estate mortgage - commercial7071,186
Total$10,911 $11,459 
Less valuation allowance for other real estate owned(2,664)(2,664)
Total other real estate owned and repossessed assets$8,247 $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 March 31,
(in thousands)20232022
Balance at beginning of period$11,459$13,436
Additions net of (charge-offs)—(52)
Proceeds from sales(557)(723)
Net gain on sales98
Total other real estate owned$10,911$12,669
Less valuation allowance for other real estate owned(2,664)(2,911)
Balance at end of period$8,247$9,758
At March 31, 2023, $0.1 million of consumer mortgage loans secured by residential real estate properties were in the process of foreclosure compared to no such consumer mortgage loans at December 31, 2022.
Activity in the valuation allowance for other real estate owned was as follows for the periods indicated:
Three Months Ended March 31,
(in thousands)20232022
Balance at beginning of period$2,664$2,911
Provision for other real estate owned ——
Charge-offs——
Balance at end of period$2,664$2,911