XML 21 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
Other Real Estate Owned
 6 Months Ended
Jun. 30, 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
June 30, 2016
 
 
 
 
 
Residential real estate
$
1,215

 
$
2,324

 
$
3,539

Commercial real estate
86

 
9,653

 
9,739

Residential land development
1

 
4,228

 
4,229

Commercial land development
1,316

 
10,516

 
11,832

Total
$
2,618

 
$
26,721

 
$
29,339

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 not covered OREO(1)
(1,341
)
 
1,341

 
—

Transfers of loans
1,479

 
2,029

 
3,508

Impairments(2)
(46
)
 
(1,272
)
 
(1,318
)
Dispositions
(208
)
 
(7,980
)
 
(8,188
)
Other
(84
)
 
19

 
(65
)
Balance at June 30, 2016
$
2,618

 
$
26,721

 
$
29,339

 
(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 six months ended June 30, 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
 
Six Months Ended
 
June 30,
 
June 30,
 
2016
 
2015
 
2016
 
2015
Repairs and maintenance
$
409

 
$
105

 
$
606

 
$
298

Property taxes and insurance
148

 
148

 
618

 
384

Impairments
987

 
953

 
1,281

 
1,395

Net losses (gains) on OREO sales
181

 
(195
)
 
231

 
(483
)
Rental income
(111
)
 
(57
)
 
(165
)
 
(108
)
Total
$
1,614

 
$
954

 
$
2,571

 
$
1,486