XML 186 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8
Non-Covered Other Real Estate Owned, Net
 12 Months Ended
Dec. 31, 2013
Real Estate [Abstract]  
Non-covered Other Real Estate Owned, Net
Non-covered Other Real Estate Owned, Net 
 
The following table presents the changes in non-covered other real estate owned (“OREO”) for the years ended December 31, 2013, 2012 and 2011: 
 
(in thousands)
 
2013
 
2012
 
2011
Balance, beginning of period
$
17,138

 
$
34,175

 
$
32,791

Additions to OREO due to acquisition
—

 
1,602

 
—

Additions to OREO
21,638

 
17,699

 
47,414

Dispositions of OREO
(15,495
)
 
(29,442
)
 
(37,083
)
Valuation adjustments in the period
(1,448
)
 
(6,896
)
 
(8,947
)
Balance, end of period
$
21,833

 
$
17,138

 
$
34,175



OREO properties are recorded at the lower of the recorded investment in the loan (prior to foreclosure) or the fair market value of the property less expected selling costs. The Company recognized valuation allowances of $1.0 million, $1.8 million, and $5.1 million on its non-covered OREO balances as of December 31, 2013, 2012 and 2011, respectively. Valuation allowances on non-covered OREO balances are based on updated appraisals of the underlying properties as received during a period or management's authorization to reduce the selling price of a property during the period.