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Other Real Estate Owned
 12 Months Ended
Dec. 31, 2019
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 years ended December 31, 2019, 2018 and 2017:

 

 

 

2019

 

 

2018

 

 

2017

 

Beginning balance

 

$

5,041

 

 

$

10,626

 

 

$

16,570

 

Acquisition of OREO through business combination

 

 

2,201

 

 

 

—

 

 

 

—

 

Net additions to OREO

 

 

5,910

 

 

 

2,163

 

 

 

6,690

 

Proceeds from sales of OREO

 

 

(3,173

)

 

 

(7,495

)

 

 

(13,898

)

Gains on sales of OREO

 

 

428

 

 

 

383

 

 

 

2,147

 

Valuation adjustments

 

 

(511

)

 

 

(636

)

 

 

(883

)

Ending balance

 

$

9,896

 

 

$

5,041

 

 

$

10,626

 

 

At December 31, 2019 and 2018, the balance of real estate owned included $1.5 million and $838,000, respectively, of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property.

At December 31, 2019 and 2018, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process is $2.1 million and $2.3 million, respectively.

Proceeds from sales of OREO include proceeds from internally financed sales of OREO of $183,000 and $444,000 for the years ended December 31, 2019 and 2018, respectively.  There were no internally financed sales of OREO for the year ended December 31, 2017.