Other Real Estate Owned

9 Months Ended

Sep. 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
September 30, 2014
Residential real estate	$	763	$	4,993	$	5,756
Commercial real estate	1,360		8,783		10,143
Residential land development	534		6,837		7,371
Commercial land development	1,376		9,413		10,789
Total	$	4,033	$	30,026	$	34,059
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	3,497			5,090			8,587
Capitalized improvements	—			—			—
Impairments(1)	(2,932		)	(1,315		)	(4,247		)
Dispositions	(9,138		)	(13,564		)	(22,702		)
Other	(336		)	(130		)	(466		)
Balance at September 30, 2014	$	4,033		$	30,026		$	34,059

(1) Of the total impairment charges of $2,932 recorded for covered OREO, $586 was included in the Consolidated Statements of Income for the nine months endedSeptember 30, 2014, while the remaining $2,346 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,
	2014			2013			2014			2013
Repairs and maintenance	$	223		$	565		$	1,760		$	1,473
Property taxes and insurance	148			163			445			820
Impairments	856			594			1,901			2,829
Net losses (gains) on OREO sales	(85		)	293			(97		)	511
Rental income	(41		)	(78		)	(139		)	(274		)
Total	$	1,101		$	1,537		$	3,870		$	5,359