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Foreclosed Assets
12 Months Ended
Dec. 31, 2015
Text Block [Abstract]  
Foreclosed Assets

Note 6 – Foreclosed Assets

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

 

     Year ended December 31, 2015     Year ended December 31, 2014  
     Noncovered     Covered     Total     Noncovered     Covered     Total  

Beginning balance, net

   $ 4,449      $ 445      $ 4,894      $ 5,588      $ 674      $ 6,262   

Acquisitions

     —          —          —          695        —          695   

Additions/transfers from loans

     5,880        (445     5,435        5,753        —          5,753   

Dispositions/sales

     (4,458     —          (4,458     (7,391     (217     (7,608

Valuation adjustments

     (502     —          (502     (196     (12     (208
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ending balance, net

   $ 5,369        —        $ 5,369      $ 4,449      $ 445      $ 4,894   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ending valuation allowance

   $ (572     —        $ (572   $ (208     —        $ (208
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ending number of foreclosed assets

     26        —          26        28        1        29   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Proceeds from sale of foreclosed assets

   $ 5,449        —        $ 5,449      $ 9,517      $ 245      $ 9,762   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gain on sale of foreclosed assets

   $ 991        —        $ 991      $ 2,125      $ 28      $ 2,153   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

At December 31, 2015, the balance of real estate owned includes $1,787,000 of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property. At December 31, 2015, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are underway is $658,000.