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Foreclosed Assets Foreclosed Assets (Tables)
 12 Months Ended
Dec. 31, 2014
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract]  
Other Real Estate and Foreclosed Assets
The following table summarizes foreclosed assets at the dates indicated:
Property Type:
December 31, 2014
 
December 31, 2013
 
(In thousands)
Commercial real estate
$
2,449

 
$
15,753

Construction and land development
24,759

 
35,063

Multi‑family
4,823

 
835

Single family residence
3,392

 
186

Total other real estate owned, net
35,423

 
51,837

Other foreclosed assets
8,298

 
4,054

Total foreclosed assets, net(1)
$
43,721

 
$
55,891

_________________________
(1)
As of December 31, 2014 and 2013, the amounts of covered foreclosed assets were $9.3 million and $9.0 million.
Other Foreclosed Assets Rollforward
The following table presents the changes in foreclosed assets, net of the valuation allowance, for the years indicated:
 
Year Ended December 31,
 
2014
 
2013
 
2012
Foreclosed Assets:
(In thousands)
Balance, beginning of year
$
55,891

 
$
56,414

 
$
81,918

Addition due to acquisitions
6,382

 
13,772

 
1,561

Foreclosures
9,806

 
19,470

 
40,207

Provision for losses
(7,307
)
 
(2,515
)
 
(14,333
)
Reductions related to sales
(21,051
)
 
(31,289
)
 
(53,828
)
Payments to third parties(1)
—

 
39

 
889

Balance, end of year
$
43,721

 
$
55,891

 
$
56,414

_________________________
(1)
Represents amounts due to participants and for guarantees, property taxes or other prior lien positions.
Foreclosed Assets Valuation Allowance Rollforward
The following table presents the changes in the foreclosed assets valuation allowance for the years indicated:
 
Year Ended December 31,
 
2014
 
2013
 
2012
Foreclosed Assets Valuation Allowance:
(In thousands)
Balance, beginning of year
$
11,314

 
$
16,681

 
$
20,575

Provision for losses
7,307

 
2,515

 
14,333

Reductions related to sales
(6,498
)
 
(7,882
)
 
(19,103
)
Selling costs(1)
—

 
—

 
876

Balance, end of year
$
12,123

 
$
11,314

 
$
16,681

_________________________
(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