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Other Real Estate and Other Assets Acquired in Settlement of Loans
 6 Months Ended
Jun. 30, 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
June 30,December 31,
(in thousands)20232022
Real estate construction - commercial$10,094 $10,094 
Real estate mortgage - residential79179
Real estate mortgage - commercial7071,186
Repossessed assets44 — 
Total$10,924 $11,459 
Less valuation allowance for other real estate owned(4,495)(2,664)
Total other real estate owned and repossessed assets$6,429 $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 June 30,Six Months Ended June 30,
(in thousands)2023202220232022
Balance at beginning of period$10,911$12,669$11,459$13,436
Additions net of (charge-offs)44—44(52)
Proceeds from sales(70)(625)(627)(1,348)
Charge-offs against the valuation allowance for other real estate owned, net— (219)— (219)
Net gain on sales39(6)482
Total other real estate owned and repossessed assets10,92411,819$10,924$11,819
Less valuation allowance for other real estate owned(4,495)(2,664)(4,495)(2,664)
Balance at end of period$6,429$9,155$6,429$9,155
At June 30, 2023 and December 31, 2022, there were no consumer mortgage loans secured by residential real estate properties in the process of foreclosure.
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)2023202220232022
Balance at beginning of period$2,664$2,911$2,664$2,911
Provision for other real estate owned 1,831(28)1,831(28)
Charge-offs—(219)—(219)
Balance at end of period$4,495$2,664$4,495$2,664