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Other Real Estate Owned
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2021 and 2020:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Beginning balance

 

$

4,417

 

 

$

8,652

 

 

$

6,350

 

 

$

9,896

 

Net additions to OREO

 

 

—

 

 

 

41

 

 

 

436

 

 

 

127

 

Proceeds from sales of OREO

 

 

(1,498

)

 

 

(224

)

 

 

(2,998

)

 

 

(874

)

Gains (losses) on sales of OREO

 

 

114

 

 

 

(41

)

 

 

133

 

 

 

44

 

Valuation adjustments

 

 

—

 

 

 

(278

)

 

 

(888

)

 

 

(1,043

)

   Ending balance

 

$

3,033

 

 

$

8,150

 

 

$

3,033

 

 

$

8,150

 

 

At September 30, 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 September 30, 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 $3.1 million and $3.3 million, respectively.

There were no internally financed sales of OREO for the three and nine months ended September 30, 2021 or 2020.