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Other Real Estate
 12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
Other Real Estate OTHER REAL ESTATE
A summary of other real estate activity for the years ended December 31 follows (1):
202320222021
(In thousands)
Balance at beginning of year, net of valuation allowance$443 $235 $738 
Loans transferred to other real estate783 719 253 
Sales of other real estate(603)(511)(745)
Additions to valuation allowance charged to expense(54)— (11)
Balance at end of year, net of valuation allowance$569 $443 $235 
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(1)
Table excludes other repossessed assets totaling zero and $0.01 million at December 31, 2023 and 2022, respectively.
We periodically review our real estate properties and establish valuation allowances on these properties if values have declined since the date of acquisition. An analysis of our valuation allowance for other real estate follows:
202320222021
(In thousands)
Balance at beginning of year$— $31 $90 
Additions charged to expense54 — 11 
Direct write-downs upon sale(54)(31)(70)
Balance at end of year$— $— $31 
At December 31, 2023 and 2022, the balance of other real estate includes $0.6 million and $0.4 million, respectively of foreclosed residential real estate properties. Retail mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements totaled $0.6 million and $0.8 million at December 31, 2023 and 2022, respectively.
Other real estate and repossessed assets totaling $0.6 million and $0.5 million at December 31, 2023 and 2022, respectively, are presented net of the valuation allowance on the Consolidated Statements of Financial Condition.