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Other Real Estate Owned
 6 Months Ended
Jun. 30, 2016
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 six months ended June 30, 2016 and 2015:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2016
 
2015
 
2016
 
2015
 
 
(in thousands)
Balance, beginning of period
 
$
12,427

 
$
23,299

 
$
13,738

 
$
22,190

Transfers in
 
206

 
3,143

 
311

 
7,836

Valuation adjustments
 
(139
)
 
(596
)
 
(276
)
 
(793
)
Proceeds from sale of OREO property
 
(1,950
)
 
(6,484
)
 
(3,276
)
 
(11,608
)
Gain on sale of OREO, net
 
69

 
1,255

 
116

 
2,992

Balance, end of period
 
$
10,613

 
$
20,617

 
$
10,613

 
$
20,617


At June 30, 2016, the carrying amount of foreclosed residential real estate properties held as a result of obtaining physical possession was $2.5 million and the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $658 thousand.