Other Real Estate Owned

9 Months Ended

Sep. 30, 2011

Other Real Estate Owned

Other Real Estate Owned

NOTE 10 – OTHER REAL ESTATE OWNED

The following table shows the carrying amount for other real estate owned at September 30, 2011 and December 31, 2010:

		September 30,		December 31,
(dollars in thousands)		2011		2010
Other real estate owned	$	9,390	$	5,591
Other real estate owned, covered		31,908		0
Total other real estate owned	$	41,298	$	5,591

Covered OREO expenses and valuation write-downs are recorded in the noninterest expense section of the consolidated statements of income. Under the loss sharing agreements, the FDIC will reimburse the Company for 80% of expenses and valuation write-downs related to covered assets up to $275.0 million, losses in excess of $275.0 million up to $467.2 million at 0%, and 80% of losses in excess of $467.2 million. The portion of these expenses that is reimbursable is recorded as the change in the FDIC indemnification asset in the noninterest income section of the consolidated statements of income.