FORECLOSED PROPERTY

12 Months Ended

Dec. 31, 2012

Banking and Thrift [Abstract]

FORECLOSED PROPERTY

NOTE 7–FORECLOSED PROPERTY

Non-covered foreclosed property at December 31, 2012 consists of a $11.1 million completed office complex project consisting of 13 buildings in Ventura County and a $2.8 million unimproved land property of 161 acres located in an unincorporated section of western Los Angeles County known as Liberty Canyon. The remainder consists of one multifamily property and one single-family residence.

The following table presents the activity of our non-covered foreclosed property for the periods indicated.

	As of and for the twelve months ended December 31,
	2012						2011
	# of Properties			$ Amount			# of Properties			$ Amount
	(dollars in thousands)
Beginning balance		7		$	20,349			8		$	26,011
New properties added		—			—			4			3,356
Valuation allowances		—			(1,732	)		—			(5,784	)
Partial sale proceeds received		—			(1,383	)		—			—
Sales of properties		(3	)		(2,339	)		(5	)		(3,234	)
Ending balance		4		$	14,895			7		$	20,349

Covered foreclosed property at December 31, 2012 was $3.9 million and $14.6 million at December 31, 2011. We acquired these properties as part of the FDIC-assisted Western Commercial Bank and San Luis Trust Bank acquisitions. We recorded these properties at their estimated fair value, less estimated costs to sell, at the time of acquisition.

The following table presents the activity of our covered foreclosed property for the periods indicated.

	As of and for the twelve months ended December 31,
	2012						2011
	# of Properties			$ Amount			# of Properties			$ Amount
	(dollars in thousands)
Beginning balance		49		$	14,616			2		$	977
New properties acquired		—			—			22			11,052
New properties added		13			6,721			57			22,587
Valuation allowances		—			—			—			(455	)
Partial sales proceeds received		—			(50	)		—			—
Sales of properties		(52	)		(17,387	)		(32	)		(19,545	)
Ending balance		10		$	3,900			49		$	14,616