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Real Estate and Other Assets Acquired in Settlement of Loans | 12 Months Ended
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Dec. 31, 2015
Other Real Estate [Abstract] |
Real Estate and Other Assets Acquired in Settlement of Loans |
(3) | Real Estate and Other Assets Acquired in Settlement of Loans
(in thousands) |  | 2015 |  |  | 2014 |
Commercial |  | $ | 1,445 |  |  | $ | 0 |
Real estate construction - residential |  |  | 0 |  |  |  | 23 |
Real estate construction - commercial |  |  | 12,380 |  |  |  | 9,831 |
Real estate mortgage - residential |  |  | 477 |  |  |  | 417 |
Real estate mortgage - commercial |  |  | 4,923 |  |  |  | 4,831 |
Repossessed assets |  |  | 0 |  |  |  | 38 |
Total |  | $ | 19,225 |  |  | $ | 15,140 |
Less valuation allowance for other real estate owned |  |  | (3,233 | ) |  |  | (3,255 | )
Total other real estate owned and foreclosed assets |  | $ | 15,992 |  |  | $ | 11,885 |
Changes in the net carrying amount of other real estate owned and repossessed assets for the years ended December 31, 2013 2014, and 2015, respectively, were as follows:
Balance at December 31, 2013 |  | $ | 19,542 |
Additions |  |  | 1,975 |
Proceeds from sales |  |  | (4,560 | )
Charge-offs against the valuation allowance for other real estate owned |  |  | (2,005 | )
Net gain on sales |  |  | 188 |
Balance at December 31, 2014 |  | $ | 15,140 |
Additions |  |  | 5,804 |
Proceeds from sales |  |  | (1,836 | )
Charge-offs against the valuation allowance for other real estate owned, net |  |  | (39 | )
Net gain on sales |  |  | 156 |
Total other real estate owned and repossessed assets |  | $ | 19,225 |
Less valuation allowance for other real estate owned |  |  | (3,233 | )
Balance at December 31, 2015 |  | $ | 15,992 |
During the years ended December 31, 2015 and 2014, net charge-offs against the allowance for loan losses at the time of foreclosure were approximately $995,000 and $335,000, respectively. At December 31, 2015 $390,000 of consumer mortgage loans secured by residential real estate properties were in the process of foreclosure compared to $209,000 at December 31, 2014. Activity in the valuation allowance for other real estate owned in settlement of loans for the years ended December 31, 2015, 2014 and 2013, respectively, is summarized as follows:
(in thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Balance, beginning of year |  | $ | 3,255 |  |  | $ | 4,675 |  |  | $ | 6,137 |
Provision for other real estate owned |  |  | 17 |  |  |  | 585 |  |  |  | 3,367 |
Charge-offs |  |  | (39 | ) |  |  | (2,005 | ) |  |  | (4,829 | )
Balance, end of year |  | $ | 3,233 |  |  | $ | 3,255 |  |  | $ | 4,675 |

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56956306&loc=d3e18551-111553 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=56956306&loc=d3e18511-111553 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28367877&loc=d3e4437-111522 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.10(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 43 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 + Details
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