Other Real Estate Owned (Tables)

9 Months Ended

Sep. 30, 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
September 30, 2016
Residential real estate	$	925	$	2,103	$	3,028
Commercial real estate	—		8,412		8,412
Residential land development	1		4,139		4,140
Commercial land development	—		10,748		10,748
Total	$	926	$	25,402	$	26,328
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 not covered OREO⁽¹⁾	(2,974		)	2,974			—
Transfers of loans	1,750			3,397			5,147
Impairments⁽²⁾	(121		)	(2,306		)	(2,427		)
Dispositions	(417		)	(11,058		)	(11,475		)
Other	(130		)	(189		)	(319		)
Balance at September 30, 2016	$	926		$	25,402		$	26,328


(1)	Represents a transfer of balances on non-single family assets of Citizens Bank of Effingham and First Southern National Bank (assumed in the Heritage acquisition). The claim period to submit losses to the FDIC for reimbursement on non-single family assets ended February 29, 2016 for Citizens Bank of Effingham and August 31, 2016 for First Southern National Bank.


(2)	Of the total impairment charges of $121 recorded for covered OREO, $24 was included in the Consolidated Statements of Income for the nine months ended September 30, 2016, while the remaining $97 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						Nine Months Ended
	September 30,						September 30,
	2016			2015			2016			2015
Repairs and maintenance	$	209		$	215		$	815		$	513
Property taxes and insurance	127			176			745			560
Impairments	1,048			527			2,330			1,922
Net losses (gains) on OREO sales	204			(16		)	435			(499		)
Rental income	(48		)	(41		)	(214		)	(149		)
Total	$	1,540		$	861		$	4,111		$	2,347