Foreclosed Assets

12 Months Ended

Dec. 31, 2016

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, 2016								Year ended December 31, 2015
	Noncovered			Covered		Total			Noncovered			Covered			Total
Beginning balance, net	$	5,369			—	$	5,369		$	4,449		$	445		$	4,894
Additions/transfers from loans		2,282		$	223		2,505			5,880			(445	)		5,435
Dispositions/sales		(3,748	)		—		(3,748	)		(4,458	)		—			(4,458	)
Valuation adjustments		(140	)		—		(140	)		(502	)		—			(502	)
Ending balance, net	$	3,763		$	223	$	3,986		$	5,369			—		$	5,369
Ending valuation allowance	$	(314	)		—	$	(314	)	$	(572	)		—		$	(572	)
Ending number of foreclosed assets		14			1		15			26			—			26
Proceeds from sale of foreclosed assets	$	4,010			—	$	4,010		$	5,449			—		$	5,449
Gain on sale of foreclosed assets	$	262			—	$	262		$	991			—		$	991

At December 31, 2016, the balance of real estate owned includes $1,750,000 of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property. At December 31, 2016, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are underway is $301,000.