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Other Real Estate and Other Assets Acquired in Settlement of Loans
 12 Months Ended
Dec. 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
(in thousands)20232022
Real estate construction - commercial$7,668 $10,094 
Real estate mortgage - residential20 179 
Real estate mortgage - commercial— 1,186 
Repossessed assets6 — 
Total$7,694 $11,459 
Less valuation allowance for other real estate owned(5,950)(2,664)
Total other real estate owned$1,744 $8,795 
Changes in the net carrying amount of other real estate owned for the years indicated:
Balance at December 31, 2021
$13,436 
Additions162 
Proceeds from sales(2,176)
Charge-offs against the valuation allowance for other real estate owned, net(218)
Net gain on sales255 
Balance at December 31, 2022
$11,459 
Additions71 
Proceeds from sales(2,691)
Charge-offs against the valuation allowance for other real estate owned, net(1,443)
Net gain on sales298 
Total other real estate owned$7,694 
Less valuation allowance for other real estate owned(5,950)
Balance at December 31, 2023
$1,744 
At December 31, 2023, $0.1 million consumer mortgage loans secured by residential real estate properties were in the process of foreclosure compared to $0.2 million of consumer mortgage loans in the process of foreclosure at December 31, 2022.
Activity in the valuation allowance for other real estate owned in settlement of loans for the years December 31, as indicated:
(in thousands)202320222021
Balance, beginning of year$2,664 $2,911 $2,614 
Provision for (release of) other real estate owned 4,729 (29)965 
Charge-offs(1,443)(218)(668)
Balance, end of year$5,950 $2,664 $2,911 
During 2023 the Company recorded a $4.7 valuation write-down primarily related to two foreclosed property relationships.