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Other Real Estate Owned
 9 Months Ended
Sep. 30, 2015
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract]  
Other Real Estate Owned
Other Real Estate Owned (“OREO”)
The following tables set forth activity in OREO for the three and nine months ended September 30, 2015 and 2014:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2015
 
2014
 
2015
 
2014
 
 
(in thousands)
Balance, beginning of period
 
$
20,617

 
$
28,254

 
$
22,190

 
$
35,927

Transfers in
 
915

 
1,089

 
8,751

 
8,930

Valuation adjustments
 
(664
)
 
(667
)
 
(1,457
)
 
(3,220
)
Proceeds from sale of OREO property
 
(1,675
)
 
(8,755
)
 
(13,283
)
 
(24,688
)
Gain on sale of OREO, net
 
263

 
1,983

 
3,255

 
4,955

Balance, end of period
 
$
19,456

 
$
21,904

 
$
19,456

 
$
21,904


At September 30, 2015, the carrying amount of foreclosed residential real estate properties held as a result of obtaining physical possession was $2.8 million and the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $1.9 million.