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Other Real Estate Owned
 12 Months Ended
Dec. 31, 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
December 31, 2014
 
 
 
 
 
Residential real estate
$
657

 
$
4,549

 
$
5,206

Commercial real estate
470

 
9,179

 
9,649

Residential land development
2,445

 
4,990

 
7,435

Commercial land development
2,796

 
9,386

 
12,182

Total
$
6,368

 
$
28,104

 
$
34,472

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

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 December 31, 2012
$
45,534

 
$
44,717

 
$
90,251

Acquired OREO
—

 
13,527

 
13,527

Transfers of loans
7,302

 
11,164

 
18,466

Capitalized improvements
—

 
—

 
—

Impairments(1)
(7,623
)
 
(1,745
)
 
(9,368
)
Dispositions
(32,214
)
 
(28,027
)
 
(60,241
)
Other
(57
)
 
309

 
252

Balance at December 31, 2013
$
12,942

 
$
39,945

 
$
52,887

Acquired OREO
—

 
—

 
—

Transfers of loans
7,794

 
8,529

 
16,323

Capitalized improvements
—

 
—

 
—

Impairments(1)
(3,242
)
 
(1,786
)
 
(5,028
)
Dispositions
(10,428
)
 
(18,379
)
 
(28,807
)
Other
(698
)
 
(205
)
 
(903
)
Balance at December 31, 2014
$
6,368

 
$
28,104

 
$
34,472

 
(1)
Of the total impairment charges of $7,623 recorded for covered OREO in 2013, $1,525 was included in the Consolidated Statements of Income for the year ended December 31, 2013, while the remaining $6,098 increased the FDIC loss-share indemnification asset. Of the total impairment charges of $3,242 recorded for covered OREO in 2014, $648 was included in the Consolidated Statements of Income for the year ended December 31, 2014, while the remaining $2,594 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:
 
 
Year Ended December 31,
 
2014
 
2013
 
2012
Repairs and maintenance
$
2,129

 
$
2,191

 
$
2,996

Property taxes and insurance
372

 
1,272

 
1,678

Impairments
2,434

 
3,270

 
7,272

Net (gains) losses on OREO sales
(151
)
 
590

 
2,096

Rental income
(191
)
 
(357
)
 
(446
)
Total
$
4,593

 
$
6,966

 
$
13,596