Real Estate Owned

12 Months Ended

Dec. 31, 2022

Repossessed Assets [Abstract]

Real Estate Owned

Real Estate OwnedA summary of the activity in the balance of real estate owned follows:

	Year ended December 31,
(in thousands)	2022		2021
Beginning balance, net	$	2,594	$	2,844
Additions/transfers from loans	1,349		1,052
Dispositions/sales	(707)		(1,458)
Valuation adjustments	203		156
Ending balance, net	$	3,439	$	2,594
Ending valuation allowance	$	(113)	$	(9)
Ending number of foreclosed assets	9		6
Proceeds from sale of real estate owned	$	873	$	1,526
Gain on sale of real estate owned	$	166	$	233

At December 31, 2022, the balance of real estate owned includes 8 foreclosed real estate properties and one land property recorded as a result of obtaining physical possession of the property. At December 31, 2022, there were no real estate properties with formal foreclosure proceedings underway