6. OTHER ASSETS ACQUIRED THROUGH FORECLOSURE

The following table represents the changes in other assets acquired through foreclosure:



	Year Ended December 31,
	2015
	Gross Balance			Valuation Allowance			Net Balance
	(in thousands)
Balance, beginning of period	$	71,421		$	(14,271	)	$	57,150
Additions from acquisition of Bridge	1,407			—			1,407
Transfers to other assets acquired through foreclosure, net	28,566			—			28,566
Proceeds from sale of other real estate owned and repossessed assets, net	(51,038		)	5,411			(45,627		)
Valuation adjustments, net	—			(182		)	(182		)
Gains, net (1)	2,628			—			2,628
Balance, end of period	$	52,984		$	(9,042	)	$	43,942

	2014
Balance, beginning of period	$	88,421		$	(21,702	)	$	66,719
Transfers to other assets acquired through foreclosure, net	13,777			—			13,777
Proceeds from sale of other real estate owned and repossessed assets, net	(33,643		)	7,725			(25,918		)
Valuation adjustments, net	—			(294		)	(294		)
Gains, net (1)	2,866			—			2,866
Balance, end of period	$	71,421		$	(14,271	)	$	57,150

	2013
Balance, beginning of period	$	113,474		$	(36,227	)	$	77,247
Additions from acquisition of Centennial	5,622			—			5,622
Transfers to other assets acquired through foreclosure, net	24,911			—			24,911
Proceeds from sale of other real estate owned and repossessed assets, net	(61,510		)	18,268			(43,242		)
Valuation adjustments, net	—			(3,743		)	(3,743		)
Gains, net (1)	5,924			—			5,924
Balance, end of period	$	88,421		$	(21,702	)	$	66,719


(1)	Includes net gains related to initial transfers to other assets of $0.9 million, $0.1 million, and $0.9 million during the years ended December 31, 2015, 2014, and 2013 respectively, pursuant to accounting guidance.

At December 31, 2015, 2014, and 2013, the majority of the Company’s repossessed assets consisted of properties located in Nevada. The Company held 39 properties at December 31, 2015, compared to 67 at December 31, 2014.