Other Real Estate Owned (Tables)

3 Months Ended

Mar. 31, 2014

Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs

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
March 31, 2014
Residential real estate	$	1,671	$	6,466	$	8,137
Commercial real estate	3,083		8,513		11,596
Residential land development	916		10,419		11,335
Commercial land development	4,548		12,125		16,673
Total	$	10,218	$	37,523	$	47,741
December 31, 2013
Residential real estate	$	2,133	$	6,767	$	8,900
Commercial real estate	3,598		8,984		12,582
Residential land development	1,161		12,334		13,495
Commercial land development	6,050		11,860		17,910
Other	—		—		—
Total	$	12,942	$	39,945	$	52,887

Changes in OREO covered and not covered under a loss-share agreement

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, 2014	$	12,942		$	39,945		$	52,887
Acquired OREO	—			—			—
Transfers of loans	1,031			1,554			2,585
Capitalized improvements	—			—			—
Impairments⁽¹⁾	(1,552		)	(528		)	(2,080		)
Dispositions	(2,232		)	(3,341		)	(5,573		)
Other	29			(107		)	(78		)
Balance at March 31, 2014	$	10,218		$	37,523		$	47,741


(1)	Of the total impairment charges of $1,552 recorded for covered OREO, $310 was included in the Consolidated Statements of Income for the three months ended March 31, 2014, while the remaining $1,242 increased the FDIC loss-share indemnification asset.

Components of "Other real estate owned" in the Consolidated Statements of Income

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
	March 31,
	2014			2013
Repairs and maintenance	$	781		$	353
Property taxes and insurance	241			353
Impairments	838			986
Net (gain) loss on OREO sales	(114		)	470
Rental income	(45		)	(113		)
Total	$	1,701		$	2,049