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OTHER REAL ESTATE OWNED (OREO) (Tables)
 12 Months Ended
Dec. 31, 2013
OTHER REAL ESTATE OWNED (OREO)  
Summary of OREO by property type

 

 

 
   December 31, 2013   December 31, 2012  
Property Type
  Non-Covered
OREO		   Covered
OREO		   Total
OREO		   Non-Covered
OREO		   Covered
OREO		   Total
OREO		  
 
   (In thousands)
  

Commercial real estate

   $ 10,672   $ 5,081   $ 15,753   $ 1,684   $ 11,635   $ 13,319  

Construction and land development

     31,950     3,113     35,063     31,888     6,708     38,596  

Multi-family

     —     835     835     —     4,239     4,239  

Single family residence

     179     7     186     —     260     260  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total OREO, net

   $ 42,801   $ 9,036   $ 51,837   $ 33,572   $ 22,842   $ 56,414  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           
Schedule of roll forward of OREO, net of the valuation allowance

 

 

 
   Non-Covered
OREO		   Covered
OREO		   Total
OREO		  
 
   (In thousands)
  

OREO Activity:

                    

Balance, December 31, 2010

   $ 25,598   $ 55,816   $ 81,414  

Foreclosures

     34,743     33,940     68,683  

Payments to third parties(1)

     1,619     10     1,629  

Provision for losses

     (5,026 )   (11,968 )   (16,994 )

Reductions related to sales

     (8,522 )   (44,292 )   (52,814 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Balance, December 31, 2011

     48,412     33,506     81,918  

Addition from the APB acquisition

     1,561     —     1,561  

Foreclosures

     4,223     35,984     40,207  

Payments to third parties(1)

     889     —     889  

Provision for losses

     (3,820 )   (10,513 )   (14,333 )

Reductions related to sales

     (17,693 )   (36,135 )   (53,828 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Balance, December 31, 2012

     33,572     22,842     56,414  

Addition from the FCAL acquisition

     10,092     3,680     13,772  

Foreclosures

     7,891     7,525     15,416  

Payments to third parties(1)

     39     —     39  

Provision for losses

     (818 )   (1,697 )   (2,515 )

Reductions related to sales

     (7,975 )   (23,314 )   (31,289 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Balance, December 31, 2013

   $ 42,801   $ 9,036   $ 51,837  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
(1)
Represents amounts due to participants and for guarantees, property taxes or other prior lien positions.
Schedule of roll forward of OREO valuation allowance

 

 

 
   Non-Covered
OREO		   Covered
OREO		   Total
OREO		  
 
   (In thousands)
  

OREO Valuation Allowance Activity:

                    

Balance, December 31, 2010

   $ 13,831   $ 3,982   $ 17,813  

Provision for losses

     5,026     11,968     16,994  

Selling costs(1)

     —     2,527     2,527  

Due from the SBA

     108     —     108  

Reductions related to sales

     (9,431 )   (7,436 )   (16,867 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Balance, December 31, 2011

     9,534     11,041     20,575  

Provision for losses

     3,820     10,513     14,333  

Selling costs(1)

     —     876     876  

Reductions related to sales

     (7,936 )   (11,167 )   (19,103 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Balance, December 31, 2012

     5,418     11,263     16,681  

Provision for losses

     818     1,697     2,515  

Reductions related to sales

     (766 )   (7,116 )   (7,882 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Balance, December 31, 2013

   $ 5,470   $ 5,844   $ 11,314  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
(1)
During 2011, the FDIC changed its methodology such that selling costs are reimbursed at the time of sale rather than at the time of foreclosure. Such amounts will be realized when the related OREO parcels are sold.