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Other Real Estate Owned
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2017 and 2016:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2017
 
2016
 
2017
 
2016
 
 
(in thousands)
Balance, beginning of period
 
$
4,519

 
$
12,427

 
$
5,998

 
$
13,738

Transfers in
 
—

 
206

 
—

 
311

Valuation adjustments
 
(33
)
 
(139
)
 
(226
)
 
(276
)
Proceeds from sale of OREO property
 
(444
)
 
(1,950
)
 
(1,719
)
 
(3,276
)
Gain on sale of OREO, net
 
16

 
69

 
5

 
116

Balance, end of period
 
$
4,058

 
$
10,613

 
$
4,058

 
$
10,613


At June 30, 2017, there were no foreclosed residential real estate properties held as OREO and the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $537 thousand.