Real Estate Owned

12 Months Ended

Dec. 31, 2019

Repossessed Assets [Abstract]

Foreclosed Assets

Note 6 – Real Estate Owned

A summary of the activity in the balance of real estate owned follows (dollars in thousands):

	Year ended December 31,
	2019		2018
Beginning balance, net	$	2,280	$	3,226
Additions/transfers from loans	1,249		1,262
Dispositions/sales	(1,090)		(2,119)
Valuation adjustments	102		(89)
Ending balance, net	$	2,541	$	2,280
Ending valuation allowance	$	(139)	$	(116)
Ending number of foreclosed assets	6		11
Proceeds from sale of real estate owned	$	1,336	$	2,527
Gain on sale of real estate owned	$	246	$	408

At December 31, 2019, the balance of real estate owned includes $1,048,000 of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property. At December 31, 2019, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are underway is $39,000.