RESERVE FOR LOSS ON REPURCHASED LOANS

The Company records provisions to the representation and warranty reserve representing our initial estimate of losses on probable mortgage repurchases or loss reimbursements. Total provision for loan repurchases was $517 thousand and $379 thousand for the three months ended March 31, 2017 and 2016, respectively. Of these total provisions for loan repurchases, the Company recorded an initial provision for loan repurchases of $842 thousand and $738 thousand, respectively, for the three months ended March 31, 2017 and 2016 against Net Revenue on Mortgage Banking Activities in the Statement of Operations of discontinued operations. In addition, the Company recorded a reversal for loan repurchase reserve in noninterest expense of $325 thousand and $359 thousand, respectively, for the three months ended March 31, 2017 and 2016.

The following table presents a summary of activity in the reserve for losses on repurchased loans for the periods indicated:



	Three Months Ended
	March 31,
	2017			2016
	(In thousands)
Balance at beginning of period	$	7,974		$	9,700
Provision for loan repurchases	517			379
Utilization of reserve for loan repurchases	(373		)	(298		)
Balance at end of period	$	8,118		$	9,781

In addition to the reserve for losses on repurchased loans at March 31, 2017, the Company may receive repurchase demands in future periods that could be material to the Company's financial position or results of operations. The Company believes that all known or probable and estimable demands were adequately reserved for at March 31, 2017.