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Other Real Estate Owned | 9 Months Ended
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Sep. 30, 2015
Banking And Thrift [Abstract] |
Other Real Estate Owned |
7. | OTHER REAL ESTATE OWNED
Other real estate and certain other assets acquired in foreclosure are reported at the lower of the investment in the loan or fair value of the property, less estimated costs to sell. The following table summarizes foreclosed property activity as of the nine months ended September 30, 2015 and 2014:
|  | September 30, 2015 |
|  | FUSB |  |  | ALC |  |  | Total |
|  | (Dollars in Thousands) |
Beginning Balance |  | $ | 6,997 |  |  | $ | 738 |  |  | $ | 7,735 |
Transfers from loans |  |  | 1,439 |  |  |  | 263 |  |  |  | 1,702 |
Sales proceeds |  |  | (2,225 | ) |  |  | (144 | ) |  |  | (2,369 | )
Gross gains |  |  | 4 |  |  |  | — |  |  |  | 4 |
Gross losses |  |  | (210 | ) |  |  | (73 | ) |  |  | (283 | )
Net gains (losses) |  |  | (206 | ) |  |  | (73 | ) |  |  | (279 | )
Impairment |  |  | (44 | ) |  |  | (89 | ) |  |  | (133 | )
Ending Balance |  | $ | 5,961 |  |  | $ | 695 |  |  | $ | 6,656 |
|  | September 30, 2014 |
|  | FUSB |  |  | ALC |  |  | Total |
|  | (Dollars in Thousands) |
Beginning Balance |  | $ | 8,463 |  |  | $ | 847 |  |  | $ | 9,310 |
Transfers from loans |  |  | 4,152 |  |  |  | 361 |  |  |  | 4,513 |
Sales proceeds |  |  | (3,113 | ) |  |  | (214 | ) |  |  | (3,327 | )
Gross gains |  |  | 231 |  |  |  | 4 |  |  |  | 235 |
Gross losses |  |  | (128 | ) |  |  | (99 | ) |  |  | (227 | )
Net gains (losses) |  |  | 103 |  |  |  | (95 | ) |  |  | 8 |
Impairment |  |  | (146 | ) |  |  | (47 | ) |  |  | (193 | )
Ending Balance |  | $ | 9,459 |  |  | $ | 852 |  |  | $ | 10,311 |
Valuation adjustments are recorded in other non-interest expense and are primarily post-foreclosure write-downs that are a result of continued declining property values based on updated appraisals or other indications of value, such as offers to purchase. Fair value less estimated cost to sell of foreclosed residential real estate held by the Company was $1.5 million and $1.3 million as of September 30, 2015 and December 31, 2014, respectively. In addition, the Company held $0.1 million in consumer mortgage loans collateralized by residential real estate that were in the process of foreclosure as of both September 30, 2015 and December 31, 2014.

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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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