| Summary of Activity in Balance of Foreclosed Assets |
A summary of the activity in the balance of foreclosed assets
follows (dollars in thousands):
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Year ended December 31, 2015 |
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Year ended December 31, 2014 |
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Noncovered |
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Covered |
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Total |
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Noncovered |
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Covered |
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Total |
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Beginning balance, net
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$ |
4,449 |
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$ |
445 |
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$ |
4,894 |
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$ |
5,588 |
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$ |
674 |
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$ |
6,262 |
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Acquisitions
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— |
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— |
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— |
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695 |
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— |
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695 |
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Additions/transfers from loans
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5,880 |
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(445 |
) |
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5,435 |
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5,753 |
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— |
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5,753 |
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Dispositions/sales
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(4,458 |
) |
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— |
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(4,458 |
) |
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(7,391 |
) |
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(217 |
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(7,608 |
) |
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Valuation adjustments
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(502 |
) |
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— |
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(502 |
) |
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(196 |
) |
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(12 |
) |
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(208 |
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Ending balance, net
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$ |
5,369 |
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— |
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$ |
5,369 |
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$ |
4,449 |
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$ |
445 |
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$ |
4,894 |
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Ending valuation allowance
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$ |
(572 |
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— |
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$ |
(572 |
) |
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$ |
(208 |
) |
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— |
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$ |
(208 |
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Ending number of foreclosed assets
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26 |
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— |
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26 |
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28 |
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1 |
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29 |
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Proceeds from sale of foreclosed assets
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$ |
5,449 |
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— |
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$ |
5,449 |
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$ |
9,517 |
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$ |
245 |
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$ |
9,762 |
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Gain on sale of foreclosed assets
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$ |
991 |
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— |
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$ |
991 |
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$ |
2,125 |
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$ |
28 |
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$ |
2,153 |
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