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Other Real Estate Owned
 12 Months Ended
Dec. 31, 2015
Banking And Thrift [Abstract]  
Other Real Estate Owned

5.

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 December 31, 2015 and 2014.

 

 

 

December 31, 2015

 

 

 

FUSB

 

 

ALC

 

 

Total

 

 

 

(Dollars in Thousands)

 

Beginning balance

 

$

6,997

 

 

$

738

 

 

$

7,735

 

Transfers from loans

 

 

2,013

 

 

 

360

 

 

 

2,373

 

Sales proceeds

 

 

(3,374

)

 

 

(164

)

 

 

(3,538

)

Gross gains

 

 

4

 

 

 

—

 

 

 

4

 

Gross losses

 

 

(269

)

 

 

(75

)

 

 

(344

)

Net gains (losses)

 

 

(265

)

 

 

(75

)

 

 

(340

)

Impairment

 

 

(44

)

 

 

(148

)

 

 

(192

)

Ending balance

 

$

5,327

 

 

$

711

 

 

$

6,038

 

 

 

 

December 31, 2014

 

 

 

FUSB

 

 

ALC

 

 

Total

 

 

 

(Dollars in Thousands)

 

Beginning balance

 

$

8,463

 

 

$

847

 

 

$

9,310

 

Transfers from loans

 

 

4,503

 

 

 

394

 

 

 

4,897

 

Sales proceeds

 

 

(5,582

)

 

 

(288

)

 

 

(5,870

)

Gross gains

 

 

387

 

 

 

4

 

 

 

391

 

Gross losses

 

 

(512

)

 

 

(159

)

 

 

(671

)

Net gains (losses)

 

 

(125

)

 

 

(155

)

 

 

(280

)

Impairment

 

 

(262

)

 

 

(60

)

 

 

(322

)

Ending balance

 

$

6,997

 

 

$

738

 

 

$

7,735

 

 

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 $1.2 million and $1.3 million as of December 31, 2015 and 2014, respectively. In addition, the Company held $0.2 million in consumer mortgage loans collateralized by residential real estate that were in the process of foreclosure as of both December 31, 2015 and 2014.