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Other Real Estate Owned (Notes)
 3 Months Ended
Mar. 31, 2017
Banking and Thrift [Abstract]  
Real Estate Owned
NOTE 12. Other Real Estate Owned

The following table is a summary of other real estate owned (OREO) activity for the three months ended March 31, 2017 and 2016 and the year ended December 31, 2016:

 
Three Months Ended
 
Year Ended
 
Three Months Ended
 
March 31,
 
December 31,
 
March 31,
 
2017
 
2016
 
2016
 
(in thousands)
Balance, beginning
$
370

 
$
571

 
$
571

    Net loans transferred to OREO
—

 
666

 
—

    Sales
(264
)
 
(890
)
 
—

    Valuation adjustments
—

 
23

 
—

Balance, ending
$
106

 
$
370

 
$
571



The major classifications of other real estate owned in the consolidated balance sheets at March 31, 2017 and December 31, 2016 were as follows:

 
As of
 
March 31, 2017
 
December 31, 2016
 
(in thousands)
Construction and Farmland
$
106

 
$
155

Residential Real Estate
—

 
215

Commercial Real Estate
—

 
—

Subtotal
$
106

 
$
370

Less valuation allowance
—

 
—

Total
$
106

 
$
370



There were no consumer mortgage loans collateralized by residential real estate in the process of foreclosure at March 31, 2017 or December 31, 2016.