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Other Real Estate Owned
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2018 and 2017:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
(in thousands)
Balance, beginning of period
 
$
11,507

 
$
4,519

 
$
13,298

 
$
5,998

Transfers in
 
—

 
—

 
406

 
—

Valuation adjustments
 
(110
)
 
(33
)
 
(202
)
 
(226
)
Proceeds from sale of OREO property
 
(3,759
)
 
(444
)
 
(5,821
)
 
(1,719
)
Gain (loss) on sale of OREO, net
 
(558
)
 
16

 
(601
)
 
5

Balance, end of period
 
$
7,080

 
$
4,058

 
$
7,080

 
$
4,058


At June 30, 2018, there were $60 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 $1.6 million.