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Other Real Estate Owned, Net
 12 Months Ended
Dec. 31, 2014
Real Estate [Abstract]  
Other Real Estate Owned, Net
Other Real Estate Owned, Net 
 
The following table presents the changes in other real estate owned ("OREO") for the years ended December 31, 2014, 2013 and 2012: 
 
(in thousands)
2014
 
2013
 
2012
Balance, beginning of period
$
23,935

 
$
27,512

 
$
53,666

Additions to OREO due to acquisition
8,666

 
—

 
1,602

Additions to OREO
24,873

 
24,193

 
24,686

Dispositions of OREO
(15,804
)
 
(25,610
)
 
(40,900
)
Valuation adjustments in the period
(3,728
)
 
(2,160
)
 
(11,542
)
Balance, end of period
$
37,942

 
$
23,935

 
$
27,512



The Company recognized valuation allowances of $3.7 million, $1.0 million, and $1.8 million on its OREO balances as of December 31, 2014, 2013 and 2012, respectively. Valuation allowances on OREO balances are based on updated appraisals of the underlying properties as received during a period or management's authorization to reduce the selling price of a property during the period.