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Other Real Estate Owned
 6 Months Ended
Jun. 30, 2022
Real Estate [Abstract]  
Other Real Estate Owned

Note 7—Other Real Estate Owned

The following table presents the change in other real estate owned (“OREO”) for the three and six months ended June 30, 2022 and 2021:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Beginning balance

 

$

2,221

 

 

$

5,952

 

 

$

2,112

 

 

$

6,350

 

Net additions to OREO

 

 

2,528

 

 

 

—

 

 

 

2,837

 

 

 

436

 

Proceeds from sales of OREO

 

 

—

 

 

 

(1,130

)

 

 

(225

)

 

 

(1,500

)

Gains (losses) on sales of OREO

 

 

—

 

 

 

(9

)

 

 

76

 

 

 

19

 

Valuation adjustments

 

 

—

 

 

 

(396

)

 

 

(51

)

 

 

(888

)

   Ending balance

 

$

4,749

 

 

$

4,417

 

 

$

4,749

 

 

$

4,417

 

 

At June 30, 2022, the balance of real estate owned included $2.3 million in foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property. At December 31, 2021, the balance of real estate owned included no foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property.

At June 30, 2022 and December 31, 2021, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $962,000 and $2.5 million, respectively.

There were no internally financed sales of OREO for the three or six months ended June 30, 2022 or 2021.