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Other Real Estate Owned
 9 Months Ended
Sep. 30, 2019
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract]  
Other Real Estate Owned
Other Real Estate Owned
The following tables set forth activity in OREO for the three and nine months ended September 30, 2019 and 2018:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(in thousands)
Balance, beginning of period
 
$
1,118

 
$
7,080

 
$
6,019

 
$
13,298

Transfers in
 
—

 
794

 
386

 
1,200

Valuation adjustments
 
—

 
(495
)
 
(195
)
 
(697
)
Proceeds from sale of OREO property
 
(588
)
 
(47
)
 
(6,382
)
 
(5,868
)
Gain (loss) on sale of OREO, net
 
95

 
(1
)
 
797

 
(602
)
Balance, end of period
 
$
625

 
$
7,331

 
$
625

 
$
7,331


At September 30, 2019, there were $311 thousand in foreclosed residential real estate properties held as OREO. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $1.3 million.