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



	Three Months Ended June 30, 2017
	Gross Balance			Valuation Allowance			Net Balance
	(in thousands)
Balance, beginning of period	$	50,919		$	(5,719	)	$	45,200
Transfers to other assets acquired through foreclosure, net	1,392			—			1,392
Proceeds from sale of other real estate owned and repossessed assets, net	(17,208		)	1,826			(15,382		)
Valuation adjustments, net	—			(156		)	(156		)
(Losses) gains, net (1)	(66		)	—			(66		)
Balance, end of period	$	35,037		$	(4,049	)	$	30,988

	Three Months Ended June 30, 2016
Balance, beginning of period	$	61,346		$	(8,570	)	$	52,776
Transfers to other assets acquired through foreclosure, net	88			—			88
Proceeds from sale of other real estate owned and repossessed assets, net	(4,480		)	1,813			(2,667		)
Valuation adjustments, net	—			134			134
(Losses) gains, net (1)	(489		)	—			(489		)
Balance, end of period	$	56,465		$	(6,623	)	$	49,842



	Six Months Ended June 30, 2017
	Gross Balance			Valuation Allowance			Net Balance
	(in thousands)
Balance, beginning of period	$	54,138		$	(6,323	)	$	47,815
Transfers to other assets acquired through foreclosure, net	1,392			—			1,392
Proceeds from sale of other real estate owned and repossessed assets, net	(20,321		)	2,050			(18,271		)
Valuation adjustments, net	—			224			224
(Losses) gains, net (1)	(172		)	—			(172		)
Balance, end of period	$	35,037		$	(4,049	)	$	30,988

	Six Months Ended June 30, 2016
Balance, beginning of period	$	52,984		$	(9,042	)	$	43,942
Transfers to other assets acquired through foreclosure, net	10,726			—			10,726
Proceeds from sale of other real estate owned and repossessed assets, net	(6,916		)	2,108			(4,808		)
Valuation adjustments, net	—			311			311
(Losses) gains, net (1)	(329		)	—			(329		)
Balance, end of period	$	56,465		$	(6,623	)	$	49,842