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Other Real Estate Owned
 9 Months Ended
Sep. 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
September 30, 2015
 
 
 
 
 
Residential real estate
$
556

 
$
4,452

 
$
5,008

Commercial real estate
632

 
12,583

 
13,215

Residential land development
1

 
4,729

 
4,730

Commercial land development
1,994

 
11,387

 
13,381

Total
$
3,183

 
$
33,151

 
$
36,334

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

Acquired OREO
3,722

 
6,250

 
9,972

Transfer of balance to non-covered OREO(1)
(3,431
)
 
3,431

 
—

Transfers of loans
4,252

 
8,016

 
12,268

Capitalized improvements
—

 
—

 
—

Impairments(2)
(454
)
 
(1,831
)
 
(2,285
)
Dispositions
(7,268
)
 
(10,794
)
 
(18,062
)
Other
(6
)
 
(25
)
 
(31
)
Balance at September 30, 2015
$
3,183

 
$
33,151

 
$
36,334

 
(1)
Represents a transfer of balance on non-single family assets of Crescent Bank & Trust Company. The claims period to submit losses to the FDIC for reimbursement ended July 25, 2015 for non-single family assets.
(2)
Of the total impairment charges of $454 recorded for covered OREO, $91 was included in the Consolidated Statements of Income for the nine months ended September 30, 2015, while the remaining $363 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,
 
2015
 
2014
 
2015
 
2014
Repairs and maintenance
$
215

 
$
223

 
$
513

 
$
1,760

Property taxes and insurance
176

 
148

 
560

 
445

Impairments
527

 
856

 
1,922

 
1,901

Net gains on OREO sales
(16
)
 
(85
)
 
(499
)
 
(97
)
Rental income
(41
)
 
(41
)
 
(149
)
 
(139
)
Total
$
861

 
$
1,101

 
$
2,347

 
$
3,870