Other Real Estate Owned (Tables)

3 Months Ended

Mar. 31, 2016

Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs

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 OREO covered and not covered under a loss-share agreement

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 "Other real estate owned" in the Consolidated Statements of Income

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