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Other Real Estate Owned (Notes)
 3 Months Ended
Mar. 31, 2016
Banking and Thrift [Abstract]  
Real Estate Owned
NOTE 14. Other Real Estate Owned

The following table is a summary of other real estate owned (OREO) activity for the three months ended March 31, 2016 and 2015 and the year ended December 31, 2015:

 
Three Months Ended
 
Year Ended
 
Three Months Ended
 
March 31,
 
December 31,
 
March 31,
 
2016
 
2015
 
2015
 
(in thousands)
Balance, beginning
$
571

 
$
2,102

 
$
2,102

    Net loans transferred to OREO
—

 
867

 
325

    Sales
—

 
(2,110
)
 
(36
)
    Valuation adjustments
—

 
(288
)
 
—

Balance, ending
$
571

 
$
571

 
$
2,391



The major classifications of other real estate owned in the consolidated balance sheets at March 31, 2016 and December 31, 2015 were as follows:

 
As of
 
March 31, 2016
 
December 31, 2015
 
(in thousands)
Construction and Farmland
$
806

 
$
806

Residential Real Estate
—

 
—

Commercial Real Estate
—

 
—

Subtotal
$
806

 
$
806

Less valuation allowance
235

 
235

Total
$
571

 
$
571



There were no consumer mortgage loans collateralized by residential real estate in the process of foreclosure at March 31, 2016 and December 31, 2015.