Covered Loans, Covered Other Real Estate and FDIC Indemnification Asset (Tables)

9 Months Ended

Sep. 30, 2011

Covered Loans, Covered Other Real Estate and FDIC Indemnification Asset [Abstract]

Covered loans acquired, and activity within covered loans

The following table presents covered loans acquired as of the date of the Heritage acquisition and activity within covered loans during 2011 ($ in thousands):

At acquisition date:
Contractually required principal and interest	$	145,864
Nonaccretable difference		(38,345	)
Cash flows expected to be collected		107,519
Accretable yield		(13,579	)
Other revolving loans		3,830
Fair value at acquisition date	$	97,770
Covered loans acquired at fair value	$	97,770
Accretion to interest income		2,441
Payments received		(21,147	)
Carrying value at September 30, 2011	$	79,064

At September 30, 2011, covered loans, which are substantially located in Mississippi, consisted of the following ($ in thousands):

Loans secured by real estate:
Construction, land development and other land loans	$	4,024
Secured by 1-4 family residential properties		32,735
Secured by nonfarm, nonresidential properties		33,601
Other		5,294
Commercial and industrial loans		1,772
Consumer loans		158
Other loans		1,480
Covered loans	$	79,064

Changes in accretable difference on covered loans acquired

 The following table presents changes in the accretable yield on covered loans acquired in the Heritage acquisition during 2011 ($ in thousands):

Accretable yield acquired	$	(13,579	)
Accretion to interest income		2,441
Carrying value at September 30, 2011	$	(11,138	)

Other real estate acquired which is covered under FDIC share-loss agreement

At September 30, 2011, covered other real estate consisted of the following types of properties ($ in thousands):

Construction, land development and other land properties	$	1,624
1-4 family residential properties		934
Nonfarm, nonresidential properties		4,523
Other real estate properties		116
Total covered other real estate	$	7,197

FDIC indemnification asset acquired

The following table presents the FDIC indemnification asset acquired as of the date of the Heritage acquisition and activity within the FDIC indemnification asset during 2011 ($ in thousands):

Indemnification asset at acquisition date	$	33,333
Accretion		103
Carrying value at September 30, 2011	$	33,436