XML 23 R10.htm IDEA: XBRL DOCUMENT v3.4.0.3
Other Real Estate Owned
 3 Months Ended
Mar. 31, 2016
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
March 31, 2016
 
 
 
 
 
Residential real estate
$
563

 
$
4,409

 
$
4,972

Commercial real estate
86

 
11,261

 
11,347

Residential land development
1

 
4,469

 
4,470

Commercial land development
723

 
11,722

 
12,445

Total
$
1,373

 
$
31,861

 
$
33,234

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



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, 2016
$
2,818

 
$
32,584

 
$
35,402

Transfer of balance to non-covered OREO(1)
(1,341
)
 
1,341

 
—

Transfers of loans
234

 
1,720

 
1,954

Impairments(2)
(46
)
 
(285
)
 
(331
)
Dispositions
(208
)
 
(3,453
)
 
(3,661
)
Other
(84
)
 
(46
)
 
(130
)
Balance at March 31, 2016
$
1,373

 
$
31,861

 
$
33,234

 
(1)
Represents a transfer of balance on non-single family assets of Citizens Bank of Effingham (assumed in the Heritage acquisition). The claim period to submit losses to the FDIC for reimbursement ended February 29, 2016 for non-single family assets.
(2)
Of the total impairment charges of $46 recorded for covered OREO, $9 was included in the Consolidated Statements of Income for the three months ended March 31, 2016, while the remaining $37 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
 
 
March 31,
 
 
2016
 
2015
Repairs and maintenance
 
$
197

 
$
193

Property taxes and insurance
 
470

 
236

Impairments
 
294

 
442

Net losses (gains) on OREO sales
 
50

 
(288
)
Rental income
 
(54
)
 
(51
)
Total
 
$
957

 
$
532