NOTE 8. FORECLOSED ASSETS

The following table summarizes foreclosed assets at the dates indicated:



	December 31,
Property Type:	2016		2015
	(In thousands)
Construction and land development	$	11,224	$	13,801
Multi‑family	652		—
Single family residence	—		952
Commercial real estate	—		487
Total other real estate owned, net	11,876		15,240
Other foreclosed assets	1,100		6,880
Total foreclosed assets, net	$	12,976	$	22,120

The following table presents the changes in foreclosed assets, net of the valuation allowance, for the years indicated:



	Year Ended December 31,
Foreclosed Assets:	2016			2015			2014
	(In thousands)
Balance, beginning of year	$	22,120		$	43,721		$	55,891
Addition due to acquisitions	—			—			6,382
Foreclosures	781			13,472			9,806
Provision for losses	(2,576		)	(5,228		)	(7,307		)
Reductions related to sales	(7,349		)	(29,845		)	(21,051		)
Balance, end of year	$	12,976		$	22,120		$	43,721

The following table presents the changes in the foreclosed assets valuation allowance for the years indicated:



	Year Ended December 31,
Foreclosed Assets Valuation Allowance:	2016			2015			2014
	(In thousands)
Balance, beginning of year	$	10,246		$	12,123		$	11,314
Provision for losses	2,576			5,228			7,307
Reductions related to sales	(126		)	(7,105		)	(6,498		)
Balance, end of year	$	12,696		$	10,246		$	12,123