XML 22 R11.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Other Real Estate and Other Assets Acquired in Settlement of Loans
 3 Months Ended
Mar. 31, 2024
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)20242023
Commercial$219 $— 
Real estate construction - commercial7,668 7,668 
Real estate mortgage - residential—20
Repossessed assets— 6 
Total$7,887 $7,694 
Less valuation allowance for other real estate owned(5,950)(5,950)
Total other real estate owned and repossessed assets$1,937 $1,744 
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)20242023
Balance at beginning of period$7,694$11,459
Additions net of (charge-offs)219—
Proceeds from sales(60)(557)
Net gain on sales349
Total other real estate owned$7,887$10,911
Less valuation allowance for other real estate owned(5,950)(2,664)
Balance at end of period$1,937$8,247
At March 31, 2024 there were $0.02 million in consumer mortgage loans secured by residential real estate properties in the process of foreclosure compared to $0.01 million in consumer mortgage loans at December 31, 2023.
Activity in the valuation allowance for other real estate owned was as follows for the periods indicated:
Three Months Ended March 31,
(in thousands)20242023
Balance at beginning of period$5,950$2,664
Provision for valuation allowance for other real estate owned
——
Charge-offs——
Balance at end of period$5,950$2,664