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Other Real Estate Owned
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2020 and 2019:

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Beginning balance

 

$

8,652

 

 

$

6,531

 

 

$

9,896

 

 

$

5,041

 

Acquisitions of OREO through business

   combination

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,201

 

Net additions to OREO

 

 

41

 

 

 

704

 

 

 

127

 

 

 

1,240

 

Proceeds from sales of OREO

 

 

(224

)

 

 

(745

)

 

 

(874

)

 

 

(1,802

)

Gains (losses) on sales of OREO

 

 

(41

)

 

 

38

 

 

 

44

 

 

 

11

 

Valuation adjustments

 

 

(278

)

 

 

(26

)

 

 

(1,043

)

 

 

(189

)

   Ending balance

 

$

8,150

 

 

$

6,502

 

 

$

8,150

 

 

$

6,502

 

 

At September 30, 2020 and December 31, 2019, the balance of real estate owned included $1.1 million and $1.5 million, respectively, of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property.

At September 30, 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 $3.4 million and $2.1 million, respectively.

There were no internally financed sales of OREO for the three and nine months ended September 30, 2020. Proceeds from internally financed sales of OREO were $183,000 for the nine months ended September 30, 2019.  There were no internally financed sales of OREO for the three months ended September 30, 2019.