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Other Real Estate Owned
 6 Months Ended
Jun. 30, 2015
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, 2015
 
 
 
 
 
Residential real estate
$
534

 
$
3,174

 
$
3,708

Commercial real estate
1,688

 
8,737

 
10,425

Residential land development
343

 
3,926

 
4,269

Commercial land development
1,288

 
7,374

 
8,662

Total
$
3,853

 
$
23,211

 
$
27,064

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



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, 2015
$
6,368

 
$
28,104

 
$
34,472

Transfers of loans
2,697

 
4,233

 
6,930

Impairments(1)
(264
)
 
(1,342
)
 
(1,606
)
Dispositions
(4,895
)
 
(7,761
)
 
(12,656
)
Other
(53
)
 
(23
)
 
(76
)
Balance at June 30, 2015
$
3,853

 
$
23,211

 
$
27,064

 
(1)
Of the total impairment charges of $264 recorded for covered OREO, $53 was included in the Consolidated Statements of Income for the six months ended June 30, 2015, while the remaining $211 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,
 
2015
 
2014
 
2015
 
2014
Repairs and maintenance
$
105

 
$
756

 
$
298

 
$
1,537

Property taxes and insurance
148

 
56

 
384

 
297

Impairments
953

 
207

 
1,395

 
1,045

Net (gains) losses on OREO sales
(195
)
 
102

 
(483
)
 
(12
)
Rental income
(57
)
 
(53
)
 
(108
)
 
(98
)
Total
$
954

 
$
1,068

 
$
1,486

 
$
2,769