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Other Real Estate Owned
 3 Months Ended
Mar. 31, 2018
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, 2018 and 2017:
 
 
Three Months Ended March 31,
 
 
2018
 
2017
 
 
(in thousands)
Balance, beginning of period
 
$
13,298

 
$
5,998

Transfers in
 
406

 
—

Valuation adjustments
 
(92
)
 
(193
)
Proceeds from sale of OREO property
 
(2,062
)
 
(1,275
)
Loss on sale of OREO, net
 
(43
)
 
(11
)
Balance, end of period
 
$
11,507

 
$
4,519


At March 31, 2018, there were $433 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 $638 thousand.