Other Real Estate Owned

9 Months Ended

Sep. 30, 2013

Real Estate [Abstract]

Other Real Estate Owned

Other Real Estate Owned

(In Thousands)

The following table provides details of the Company’s other real estate owned (“OREO”) covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs as of the dates presented:

	Covered OREO		Not Covered OREO		Total OREO
September 30, 2013
Residential real estate	$	3,819	$	3,519	$	7,338
Commercial real estate	4,271		9,122		13,393
Residential land development	1,181		14,448		15,629
Commercial land development	7,309		13,492		20,801
Total	$	16,580	$	40,581	$	57,161
December 31, 2012
Residential real estate	$	8,778	$	7,842	$	16,620
Commercial real estate	14,368		7,779		22,147
Residential land development	5,005		22,490		27,495
Commercial land development	17,383		6,221		23,604
Other	—		385		385
Total	$	45,534	$	44,717	$	90,251

Changes in the Company’s OREO covered and not covered under a loss-share agreement were as follows:

	Covered OREO			Not Covered OREO			Total OREO
Balance at January 1, 2013	$	45,534		$	44,717		$	90,251
Acquired OREO	—			13,674			13,674
Transfers of loans	7,025			6,575			13,600
Capitalized improvements	—			129			129
Impairments(1)	(6,275		)	(1,574		)	(7,849		)
Dispositions	(29,646		)	(22,939		)	(52,585		)
Other	(58		)	(1		)	(59		)
Balance at September 30, 2013	$	16,580		$	40,581		$	57,161

(1) Of the total impairment charges of $(6,275) recorded for covered OREO, $(1,255) was included in the Consolidated Statements of Income for the nine months endedSeptember 30, 2013, while the remaining $(5,020) increased the FDIC loss-share indemnification asset.

Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2013			2012			2013			2012
Repairs and maintenance	$	565		$	839		$	1,473		$	2,035
Property taxes and insurance	163			492			820			1,068
Impairments	594			1,023			2,829			5,190
Net losses on OREO sales	293			195			511			1,864
Rental income	(78		)	(109		)	(274		)	(348		)
Total	$	1,537		$	2,440		$	5,359		$	9,809