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Other Real Estate Owned
 3 Months Ended
Mar. 31, 2020
Banking And Thrift [Abstract]  
Other Real Estate Owned

Note 8—Other Real Estate Owned

The following table presents the change in other real estate owned (“OREO”) for the three months ended March 31, 2020 and 2019:

 

 

 

Three Months Ended

March 31,

 

 

 

2020

 

 

2019

 

Beginning balance

 

$

9,896

 

 

$

5,041

 

Net additions to OREO

 

 

22

 

 

 

26

 

Proceeds from sales of OREO

 

 

(264

)

 

 

(355

)

Gains (losses) on sales of OREO

 

 

82

 

 

 

(33

)

Valuation adjustments

 

 

(463

)

 

 

(84

)

   Ending balance

 

$

9,273

 

 

$

4,595

 

 

At March 31, 2020 and December 31, 2019, the balance of real estate owned included $1.5 million of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property.

At March 31, 2020 and December 31, 2019, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $2.0 million and $2.1 million, respectively.

There were no internally financed sales of OREO for the three months ended March 31, 2020. Proceeds from internally financed sales of OREO were $183,000 for the three months ended March 31, 2019.