OTHER REAL ESTATE OWNED

6 Months Ended

Jun. 30, 2013

OTHER REAL ESTATE OWNED [Abstract]

OTHER REAL ESTATE OWNED

NOTE 4 – OTHER REAL ESTATE OWNED

The following table presents the activity in OREO for the periods indicated:

	Six months ended		Year ended
	June 30,		December 31,
	2013	2012	2012
	(In thousands)
Balance at beginning of period	$      103,248	$    173,805	$          173,805
Additions to foreclosed properties
New foreclosed properties	11,861	17,670	32,389
Reductions in foreclosed properties
Sales	(23,452)	(37,936)	(81,220)
Writedowns	(3,219)	(9,924)	(21,726)
Balance at end of period	$        88,438	$    143,615	$          103,248

The following tables present the OREO by geographical location, segment and class as of the dates indicated:

	June 30, 2013
	Alabama				Greater
	and Florida				Memphis		Texas and
	Panhandle	Arkansas*	Mississippi*	Missouri	Area	Tennessee*	Louisiana	Other	Total
	(In thousands)
Commercial and industrial	$             242	$              -	$                -	$            -	$             -	$              -	$             -	$           -	$           242
Real estate
Consumer mortgages	1,072	799	2,205	-	776	185	461	103	5,601
Home equity	-	-	166	-	-	169	-	-	335
Agricultural	875	-	-	-	1,112	2,215	-	-	4,202
Commercial and industrial-owner occupied	238	110	826	-	1,845	-	242	-	3,261
Construction, acquisition and development	13,147	1,238	12,773	157	33,456	7,839	78	234	68,922
Commercial real estate	358	314	128	2,475	1,648	145	135	-	5,203
All other	-	10	307	94	125	13	91	32	672
Total	$        15,932	$      2,471	$      16,405	$    2,726	$   38,962	$    10,566	$     1,007	$       369	$      88,438

* Excludes the Greater Memphis Area.

	December 31, 2012
	Alabama				Greater
	and Florida				Memphis		Texas and
	Panhandle	Arkansas*	Mississippi*	Missouri	Area	Tennessee*	Louisiana	Other	Total
	(In thousands)
Commercial and industrial	$             395	$              -	$            106	$            -	$             -	$              -	$             -	$           -	$           501
Real estate
Consumer mortgages	1,714	173	2,220	-	961	624	760	3,665	10,117
Home equity	-	-	-	-	-	-	-	-	-
Agricultural	856	-	99	-	1,089	2,169	212	-	4,425
Commercial and industrial-owner occupied	155	146	1,602	-	2,630	66	146	-	4,745
Construction, acquisition and development	13,610	1,430	15,659	734	35,717	9,535	1,844	448	78,977
Commercial real estate	478	1,420	3	263	819	76	176	-	3,235
All other	46	16	227	92	734	12	89	32	1,248
Total	$        17,254	$      3,185	$       19,916	$    1,089	$   41,950	$    12,482	$     3,227	$    4,145	$    103,248
* Excludes the Greater Memphis Area.

	June 30, 2012
	Alabama				Greater
	and Florida				Memphis		Texas and
	Panhandle	Arkansas*	Mississippi*	Missouri	Area	Tennessee*	Louisiana	Other	Total
	(In thousands)
Commercial and industrial	$             564	$          212	$                -	$            -	$         814	$               -	$             -	$           -	$        1,590
Real estate
Consumer mortgages	2,457	469	2,612	-	2,334	1,402	188	2,470	11,932
Home equity	-	-	220	-	-	-	-	-	220
Agricultural	894	-	-	-	1,154	2,352	-	-	4,400
Commercial and industrial-owner occupied	554	448	2,337	76	1,814	163	149	246	5,787
Construction, acquisition and development	18,459	2,042	19,152	1,395	45,532	15,775	2,215	737	105,307
Commercial real estate	784	1,677	2,281	304	7,425	-	231	-	12,702
All other	47	60	243	116	1,177	-	2	32	1,677
Total	$        23,759	$       4,908	$      26,845	$    1,891	$    60,250	$     19,692	$     2,785	$    3,485	$    143,615
* Excludes the Greater Memphis Area.

The Company incurred total foreclosed property expenses of $3.2 million and $10.2 million for the three months ended June 30, 2013 and 2012, respectively.  Realized net gains/losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were $2.0 million and $7.6 million for the three months ended June 30, 2013 and 2012, respectively.  The Company incurred total foreclosed property expenses of $5.6 million and $18.6 million for the six months ended June 30, 2013 and 2012, respectively.  Realized net losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were $3.2 million and $13.4 million for the six months ended June 30, 2013 and 2012, respectively.