OTHER REAL ESTATE OWNED

12 Months Ended

Dec. 31, 2011

(7) OTHER REAL ESTATE OWNED

The following table presents the activity in other real estate owned for the years ended December 31, 2011 and 2010:

	2011			2010
	(In Thousands)
Balance at beginning of year	$	133,412		$	59,265
Additions to foreclosed properties
New foreclosed property		125,234			129,796
Reductions in foreclosed properties
Sales		(64,488	)		(45,217	)
Writedowns		(20,353	)		(10,432	)
Balance at end of year	$	173,805		$	133,412

Substantially all of these amounts related to construction, acquisition and development projects that were either completed or were in various states of construction during the year presented. The following table presents the other real estate owned by geographical location and collateral type at December 31, 2011:

	Alabama and Florida Panhandle		Arkansas*		Mississippi*		Missouri		Greater Memphis Area		Tennessee*		Texas and Louisiana		Other		Total
	(In thousands)
Commercial and industrial	$	436	$	17	$	-	$	-	$	940	$	-	$	-	$	-	$	1,393
Real estate
Consumer mortgages		3,816		448		3,400		-		5,199		4,160		733		2,889		20,645
Home equity		-		-		51		-		600		-		-		-		651
Agricultural		899		-		275		-		4,542		-		-		-		5,716
Commercial and industrial-owner occupied		1,022		303		1,972		76		2,371		426		174		-		6,344
Construction, acquisition and development		19,318		2,241		18,850		1,974		69,822		6,918		2,763		-		121,886
Commercial		1,121		1,605		3,604		-		7,672		753		232		-		14,987
All other		276		83		220		193		1,358		-		53		-		2,183
Total	$	26,888	$	4,697	$	28,372	$	2,243	$	92,504	$	12,257	$	3,955	$	2,889	$	173,805

* Excludes the Greater Memphis Area

The Company incurred total foreclosed property expenses of $27.8 million, $18.4 million and $13.6 million in 2011, 2010 and 2009, respectively. Realized net losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were $21.4 million, $14.2 million and $10.8 million in 2011, 2010 and 2009, respectively.

- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References

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+ Details