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Other Real Estate Owned
 3 Months Ended
Mar. 31, 2021
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 months ended March 31, 2021 and 2020:

 

 

 

Three Months Ended

March 31,

 

 

 

2021

 

 

2020

 

Beginning balance

 

$

6,350

 

 

$

9,896

 

Net additions to OREO

 

 

436

 

 

 

22

 

Proceeds from sales of OREO

 

 

(370

)

 

 

(264

)

Gains on sales of OREO

 

 

28

 

 

 

82

 

Valuation adjustments

 

 

(492

)

 

 

(463

)

   Ending balance

 

$

5,952

 

 

$

9,273

 

 

At March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $2.9 million and $3.3 million, respectively.

There were no internally financed sales of OREO for the three months ended March 31, 2021 or 2020.