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Other Real Estate Owned (Notes)
 9 Months Ended
Sep. 30, 2019
Banking and Thrift [Abstract]  
Real Estate Owned
NOTE 11. Other Real Estate Owned

The following table is a summary of other real estate owned ("OREO") activity for the nine months ended September 30, 2019 and 2018 and the year ended December 31, 2018:

 
Nine Months Ended
 
Year Ended
 
Nine Months Ended
 
September 30,
 
December 31,
 
September 30,
 
2019
 
2018
 
2018
 
(in thousands)
Balance, beginning
$
106

 
$
106

 
$
106

    Transfers from loans
819

 
2,799

 
2,799

    Gain on foreclosure
192

 
397

 
397

    Sales
(106
)
 
(1,927
)
 
—

    Valuation adjustments
(569
)
 
(1,269
)
 
(1,269
)
Balance, ending
$
442

 
$
106

 
$
2,033




The major classifications of other real estate owned in the consolidated balance sheets at September 30, 2019 and December 31, 2018 were as follows:

 
As of
 
September 30, 2019
 
December 31, 2018
 
(in thousands)
Construction and Farmland
$
—

 
$
106

Residential Real Estate
183

 
—

Commercial Real Estate
828

 
—

Subtotal
$
1,011

 
$
106

Less valuation allowance
569

 
—

Total
$
442

 
$
106



There were five consumer mortgage loans totaling $507 thousand collateralized by residential real estate in the process of foreclosure at September 30, 2019. There was one consumer mortgage loan totaling $71 thousand collateralized by residential real estate in the process of foreclosure at December 31, 2018.