Other Real Estate Owned

9 Months Ended

Sep. 30, 2012

Note 5 – Other Real Estate Owned

Activity for other real estate owned during the three and nine months ended September 30, 2012 and 2011 was as follows:

	Three Months Ended						Nine Months Ended
	September 30						September 30
(in thousands)	2012			2011			2012			2011
Beginning balance of other real estate owned	$	56,435		$	46,791		$	56,965		$	42,935
New assets acquired		3,045			14,613			10,540			25,551
Capitalized costs		359			192			527			253
Fair value adjustments		(540	)		(713	)		(899	)		(2,890	)
Sale of assets		(3,196	)		(2,879	)		(11,030	)		(7,845	)
Ending balance of other real estate owned	$	56,103		$	58,004		$	56,103		$	58,004

Foreclosed properties at September 30, 2012 and 2011 were $55.6 million and $58.0 million, respectively. Also included in other real estate owned are two properties totaling $0.6 million which were not acquired through foreclosure. Carrying costs and fair value adjustments associated with foreclosed properties were $1.1 million and $1.5 million for the quarters ended September 30, 2012 and September 30, 2011. Carrying costs and fair value adjustments for the nine months ended September 30, 2012 and 2011, respectively, were $2.7 million and $4.5 million.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

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-Name Statement of Financial Accounting Standard (FAS)

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

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+ Details