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Other Real Estate Owned
 12 Months Ended
Dec. 31, 2017
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, 2017
 
December 31, 2016
 
 
(in thousands)
Balance, beginning of period
 
$
5,998

 
$
13,738

Established through acquisitions
 
10,279

 
—

Transfers in
 
106

 
1,047

Valuation adjustments
 
(364
)
 
(860
)
Proceeds from sale of OREO property
 
(2,590
)
 
(8,158
)
Gain (loss) on sale of OREO, net
 
(131
)
 
231

Balance, end of period
 
$
13,298

 
$
5,998


At December 31, 2017, the carrying amount of foreclosed residential real estate properties held as a result of obtaining physical possession was $74 thousand and the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $302 thousand.