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Other Real Estate Owned
 9 Months Ended
Sep. 30, 2023
Other Real Estate Owned [Abstract]  
Other Real Estate Owned Foreclosed and Repossessed Assets
Park typically transfers a loan to OREO at the time that Park takes deed/title to the real estate property asset. The carrying amounts of foreclosed real estate properties held at September 30, 2023 and December 31, 2022 are listed below, as well as the recorded investment of loans secured by residential real estate properties for which formal foreclosure proceedings were in process at those dates.

(in thousands)September 30, 2023December 31, 2022
OREO:
Commercial real estate$1,354 $1,354 
Residential real estate— — 
Total OREO$1,354 $1,354 
Loans in process of foreclosure:
Residential real estate$1,877 $1,614 

Assets acquired through or in lieu of loan foreclosure are initially recorded at fair value, less costs to sell, when acquired. During the three months and the nine months ended September 30, 2022, Park recognized a $12.0 million OREO valuation markup related to the foreclosure and subsequent sale of a property collateralizing a former Vision Bank relationship. This income is included in "OREO valuation markup" on the Consolidated Condensed Statements of Income. There was no OREO
valuation markup related to former Vision Bank relationships during the three months or the nine months ended September 30, 2023.

During the three months and the nine months ended September 30, 2022, Park recognized a $5.6 million gain on the sale of OREO related to former Vision Bank relationships. This income is included in "(Loss) gain on sale of OREO, net" on the Consolidated Condensed Statements of Income. There was no gain or loss on the sale of OREO related to former Vision Bank
relationships during the three months or the nine months ended September 30, 2023.

In addition to real estate, Park may also repossess different types of collateral. At September 30, 2023 and December 31, 2022, Park had $0.7 million and $0.6 million, respectively, in other repossessed assets which are included in "Other assets" on the Consolidated Condensed Balance Sheets.