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Other Real Estate Owned
 12 Months Ended
Dec. 31, 2019
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 periods indicated:
 
 
Years Ended December 31,
 
 
2019
 
2018
 
 
(in thousands)
Balance, beginning of period
 
$
6,019

 
$
13,298

Transfers in
 
386

 
1,200

Valuation adjustments
 
(195
)
 
(698
)
Proceeds from sale of OREO property
 
(6,455
)
 
(7,261
)
Gain (loss) on sale of OREO, net
 
797

 
(520
)
Balance, end of period
 
$
552

 
$
6,019


At December 31, 2019, the carrying amount of foreclosed residential real estate properties held as a result of obtaining physical possession was $311 thousand and the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $875 thousand.