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Other Real Estate Owned
 3 Months Ended
Mar. 31, 2016
Banking and Thrift [Abstract]  
Other Real Estate Owned
Other Real Estate Owned
The activity within Other Real Estate Owned (“OREO”) for the three months ended March 31, 2016 and 2015 is presented in the table below.
(Dollars in thousands)
 
Three Months Ended
 
 
March 31, 2016
 
March 31, 2015
Balance, beginning of period
 
$
52,776

 
$
77,626

Real estate acquired from borrowers and transfers from other assets
 
2,588

 
3,098

Valuation allowance
 
(467
)
 
(1,390
)
Properties sold
 
(6,392
)
 
(7,881
)
Balance, end of period
 
$
48,505

 
$
71,453



The loss share agreements with the FDIC were terminated effective January 1, 2016. As of March 31, 2015, the ending balance for OREO covered by loss sharing agreements with the FDIC was $15.0 million and non-covered OREO ending balance was $56.5 million.
For the three months ended March 31, 2016 and 2015, proceeds on sales of OREO were $7.1 million and $7.9 million, respectively and net gains were $0.7 million and $7 thousand, respectively.