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Other Real Estate Owned
 12 Months Ended
Dec. 31, 2016
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, 2016
 
December 31, 2015
 
 
(in thousands)
Balance, beginning of period
 
$
13,738

 
$
22,190

Transfers in
 
1,047

 
8,688

Valuation adjustments
 
(860
)
 
(1,986
)
Proceeds from sale of OREO property
 
(8,158
)
 
(19,292
)
Gain on sale of OREO, net
 
231

 
4,138

Balance, end of period
 
$
5,998

 
$
13,738


At December 31, 2016, the carrying amount of foreclosed residential real estate properties held as a result of obtaining physical possession was $499 thousand and the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $622 thousand.