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Other Real Estate Owned
 9 Months Ended
Sep. 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 nine months ended September 30, 2017 and 2016:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2017
 
2016
 
2017
 
2016
 
 
(in thousands)
Balance, beginning of period
 
$
4,058

 
$
10,613

 
$
5,998

 
$
13,738

Transfers in
 
74

 
891

 
74

 
1,202

Valuation adjustments
 
(138
)
 
(14
)
 
(364
)
 
(290
)
Proceeds from sale of OREO property
 
(182
)
 
(2,569
)
 
(1,901
)
 
(5,845
)
Gain (loss) on sale of OREO, net
 
(130
)
 
73

 
(125
)
 
189

Balance, end of period
 
$
3,682

 
$
8,994

 
$
3,682

 
$
8,994


At September 30, 2017, there were $74 thousand in 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 $686 thousand.