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Other Real Estate Owned
 3 Months Ended
Mar. 31, 2022
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, 2022 and 2021:

 

 

 

Three Months Ended
March 31,

 

 

 

2022

 

 

2021

 

Beginning balance

 

$

2,112

 

 

$

6,350

 

Net additions to OREO

 

 

309

 

 

 

436

 

Proceeds from sales of OREO

 

 

(225

)

 

 

(370

)

Gains on sales of OREO

 

 

76

 

 

 

28

 

Valuation adjustments

 

 

(51

)

 

 

(492

)

   Ending balance

 

$

2,221

 

 

$

5,952

 

 

At March 31, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $3.2 million and $2.5 million, respectively.

There were no internally financed sales of OREO for the three months ended March 31, 2022 or 2021.