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Other Real Estate Owned (Notes)
 9 Months Ended
Sep. 30, 2018
Banking and Thrift [Abstract]  
Real Estate Owned
NOTE 11. Other Real Estate Owned

The following table is a summary of other real estate owned (OREO) activity for the nine months ended September 30, 2018 and 2017 and the year ended December 31, 2017:

 
Nine Months Ended
 
Year Ended
 
Nine Months Ended
 
September 30,
 
December 31,
 
September 30,
 
2018
 
2017
 
2017
 
(in thousands)
Balance, beginning
$
106

 
$
370

 
$
370

    Transfers from loans
2,799

 
53

 
53

    Gain on foreclosure
397

 
—

 
—

    Sales
—

 
(317
)
 
(317
)
    Valuation adjustments
(1,269
)
 
—

 
—

Balance, ending
$
2,033

 
$
106

 
$
106



The major classifications of other real estate owned in the consolidated balance sheets at September 30, 2018 and December 31, 2017 were as follows:

 
As of
 
September 30, 2018
 
December 31, 2017
 
(in thousands)
Construction and Farmland
$
106

 
$
106

Residential Real Estate
3,196

 
—

Commercial Real Estate
—

 
—

Subtotal
$
3,302

 
$
106

Less valuation allowance
1,269

 
—

Total
$
2,033

 
$
106



There were no consumer mortgage loans collateralized by residential real estate in the process of foreclosure at September 30, 2018. There was one consumer mortgage loan totaling $4.1 million collateralized by residential real estate in the process of foreclosure at December 31, 2017.