Other Real Estate Owned

6 Months Ended

Jun. 30, 2014

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
June 30, 2014
Residential real estate	$	1,286	$	6,507	$	7,793
Commercial real estate	2,182		8,557		10,739
Residential land development	625		8,563		9,188
Commercial land development	3,379		10,704		14,083
Total	$	7,472	$	34,331	$	41,803
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 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
Transfers of loans	3,363			2,666			6,029
Capitalized improvements	—			—			—
Impairments(1)	(1,950		)	(656		)	(2,606		)
Dispositions	(6,589		)	(7,753		)	(14,342		)
Other	(294		)	129			(165		)
Balance at June 30, 2014	$	7,472		$	34,331		$	41,803

(1) Of the total impairment charges of $1,950 recorded for covered OREO, $390 was included in the Consolidated Statements of Income for the six months endedJune 30, 2014, while the remaining $1,560 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						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Repairs and maintenance	$	756		$	555		$	1,537		$	908
Property taxes and insurance	56			304			297			657
Impairments	207			1,249			1,045			2,235
Net losses (gains) on OREO sales	102			(252		)	(12		)	218
Rental income	(53		)	(83		)	(98		)	(196		)
Total	$	1,068		$	1,773		$	2,769		$	3,822