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Other Real Estate Owned | 9 Months Ended
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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.

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118952595&loc=d3e4437-111522 + Details
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