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Other Real Estate Owned
 12 Months Ended
Dec. 31, 2015
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract]  
Other Real Estate Owned
Other Real Estate Owned
The following table sets forth activity in OREO for the period:
 
 
December 31, 2015
 
December 31, 2014
 
 
(in thousands)
Balance, beginning of period
 
$
22,190

 
$
35,927

Established through acquisitions
 
—

 
2,752

Transfers in
 
8,688

 
10,200

Valuation adjustments
 
(1,986
)
 
(4,039
)
Proceeds from sale of OREO property
 
(19,292
)
 
(28,559
)
Gain on sale of OREO, net
 
4,138

 
5,909

Balance, end of period
 
$
13,738

 
$
22,190


At December 31, 2015, the carrying amount of foreclosed residential real estate properties held as a result of obtaining physical possession was $2.4 million and the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $1.3 million.