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Other Real Estate Owned (Notes)
 9 Months Ended
Sep. 30, 2015
Banking and Thrift [Abstract]  
Real Estate Owned
NOTE 14. Other Real Estate Owned

The following table is a summary of other real estate owned (OREO) activity for the nine months ended September 30, 2015 and 2014 and the year ended December 31, 2014:

 
Nine Months Ended
 
Year Ended
 
Nine Months Ended
 
September 30,
 
December 31,
 
September 30,
 
2015
 
2014
 
2014
 
(in thousands)
Balance, beginning
$
2,102

 
$
1,646

 
$
1,646

    Net loans transferred to OREO
736

 
1,248

 
680

    Sales
(937
)
 
(792
)
 
(682
)
    Valuation adjustments
(53
)
 
—

 
—

Balance, ending
$
1,848

 
$
2,102

 
$
1,644



The major classifications of other real estate owned in the consolidated balance sheets at September 30, 2015 and December 31, 2014 were as follows:

 
As of
 
September 30, 2015
 
December 31, 2014
 
(in thousands)
Construction and Farmland
$
1,271

 
$
1,531

Residential Real Estate
630

 
166

Commercial Real Estate
—

 
405

Subtotal
$
1,901

 
$
2,102

Less valuation allowance
53

 
—

Total
$
1,848

 
$
2,102



There were no consumer mortgage loans collateralized by residential real estate in the process of foreclosure at September 30, 2015 and December 31, 2014.