Other Real Estate Owned

12 Months Ended

Dec. 31, 2015

Banking and Thrift [Abstract]

Other Real Estate Owned

Other Real Estate Owned

A summary of the activity in OREO is as follows:

	Year Ended December 31, 2015			Year Ended December 31, 2014
	(In thousands)
Balance at beginning of period	$	35,491		$	63,460
Additions	4,389			10,381
Capitalized improvements	159			251
OREO valuation adjustments, net	(1,493		)	(7,840		)
Sales	(18,175		)	(30,761		)
Balance at end of period	$	20,371		$	35,491

The balances at end of period above are net of a valuation allowance of $14.2 million, $20.6 million and $30.8 million at December 31, 2015, 2014 and 2013, respectively, recognized during the holding period for declines in fair value subsequent to foreclosure or acceptance of deed in lieu of foreclosure. A summary of activity in the OREO valuation allowance is as follows:

	Year Ended December 31, 2015			Year Ended December 31, 2014			Nine Months Ended December 31, 2013
	(In thousands)
Balance at beginning of period	$	20,583		$	30,842		$	36,009
OREO valuation adjustments, net	1,493			7,840			4,937
Sales	(7,827		)	(18,099		)	(10,104		)
Balance at end of period	$	14,249		$	20,583		$	30,842

OREO expense, net, consisted of the following components:

	Year Ended December 31, 2015		Year Ended December 31, 2014		Nine Months Ended December 31, 2013
	(In thousands)
OREO valuation adjustments, net	$	1,493	$	7,840	$	4,937
Foreclosure cost expense	361		498		1,541
Expenses from operations, net	490		1,441		3,319
OREO expense, net	$	2,344	$	9,779	$	9,797

The recorded investment of loans secured by 1-4 family residential real estate for which foreclosure proceedings are in process was $709,000 at December 31, 2015. The recorded investment in 1-4 family residential real estate properties in OREO was $424,000 at December 31, 2015.