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Other Real Estate Owned
 12 Months Ended
Dec. 31, 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
December 31, 2015
 
 
 
 
 
Residential real estate
$
529

 
$
4,265

 
$
4,794

Commercial real estate
346

 
11,041

 
11,387

Residential land development
1

 
4,595

 
4,596

Commercial land development
1,942

 
12,683

 
14,625

Total
$
2,818

 
$
32,584

 
$
35,402

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 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

Acquired OREO
3,722

 
6,250

 
9,972

Transfer of balance to non-covered OREO(2)
(3,431
)
 
3,431

 
—

Transfers of loans
4,563

 
10,372

 
14,935

Capitalized improvements
—

 
—

 
—

Impairments(1)
(454
)
 
(2,065
)
 
(2,519
)
Dispositions
(7,941
)
 
(13,483
)
 
(21,424
)
Other
(9
)
 
(25
)
 
(34
)
Balance at December 31, 2015
$
2,818

 
$
32,584

 
$
35,402

 
(1)
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. Of the total impairment charges of $454 recorded for covered OREO in 2015, $92 was included in the Consolidated Statements of Income for the year ended December 31, 2015, while the remaining $362 increased the FDIC loss-share indemnification asset.
(2)
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.

Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows:
 
 
Year Ended December 31,
 
2015
 
2014
 
2013
Repairs and maintenance
$
840

 
$
2,129

 
$
2,191

Property taxes and insurance
809

 
372

 
1,272

Impairments
2,157

 
2,434

 
3,270

Net (gains) losses on OREO sales
(582
)
 
(151
)
 
590

Rental income
(179
)
 
(191
)
 
(357
)
Total
$
3,045

 
$
4,593

 
$
6,966