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Other Real Estate Owned
 3 Months Ended
Mar. 31, 2017
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 months ended March 31, 2017 and 2016:
 
 
Three Months Ended March 31,
 
 
2017
 
2016
 
 
(in thousands)
Balance, beginning of period
 
$
5,998

 
$
13,738

Transfers in
 
—

 
105

Valuation adjustments
 
(193
)
 
(137
)
Proceeds from sale of OREO property
 
(1,275
)
 
(1,326
)
Gain (loss) on sale of OREO, net
 
(11
)
 
47

Balance, end of period
 
$
4,519

 
$
12,427


At March 31, 2017, the carrying amount of foreclosed residential real estate properties held as a result of obtaining physical possession was $379 thousand and the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $675 thousand.