Foreclosed Assets

3 Months Ended

Mar. 31, 2015

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Foreclosed Assets

Note 6 – Foreclosed Assets

A summary of the activity in the balance of foreclosed assets follows (in thousands):

	Three months ended March 31, 2015								Three months ended March 31, 2014
	Noncovered			Covered		Total			Noncovered			Covered			Total
Beginning balance, net	$	4,449		$	445	$	4,894		$	5,588		$	674		$	6,262
Additions/transfers from loans		1,560			—		1,560			1,175			—			1,175
Dispositions/sales		(495	)		—		(495	)		(4,186	)		—			(4,186	)
Valuation adjustments		(67	)		—		(67	)		(26	)		(10	)		(36	)
Ending balance, net	$	5,447		$	445	$	5,892		$	2,551		$	664		$	3,215
Ending valuation allowance	$	263			—	$	263		$	111		$	10		$	121
Ending number of foreclosed assets		29			1		30			22			4			26
Proceeds from sale of foreclosed assets	$	806			—	$	806		$	5,413			—		$	5,413
Gain on sale of foreclosed assets	$	311			—	$	311		$	1,227			—			1,227

As of March 31, 2015, $1,691,000 of foreclosed residential real estate properties, all of which the Company has obtained physical possession of, are included in foreclosed assets.