OTHER REAL ESTATE OWNED (OREO)

9 Months Ended

Sep. 30, 2011

OTHER REAL ESTATE OWNED (OREO)

OTHER REAL ESTATE OWNED (OREO)

NOTE 5—OTHER REAL ESTATE OWNED (OREO)

        The following tables summarize OREO by property type at the dates indicated:

		September 30, 2011						December 31, 2010
Property Type		Non-Covered OREO		Covered OREO		Total OREO		Non-Covered OREO		Covered OREO		Total OREO
		(In thousands)						(In thousands)
Commercial real estate		$	21,431	$	14,151	$	35,582	$	18,205	$	21,658	$	39,863
Construction and land development			26,093		14,676		40,769		4,650		19,205		23,855
Multi-family			—		1,656		1,656		—		10,393		10,393
Single family residence			736		1,818		2,554		2,743		4,560		7,303
	Total OREO, net	$	48,260	$	32,301	$	80,561	$	25,598	$	55,816	$	81,414

        The following table presents a rollforward of OREO, net of the valuation allowance, for the periods indicated:

OREO Activity:		Non-Covered OREO			Covered OREO			Total OREO
		(In thousands)
Balance, January 1, 2011		$	25,598		$	55,816		$	81,414
	Foreclosures		24,981			4,130			29,111
	Payments to third parties(1)		950			—			950
	Provision for losses		(382	)		(890	)		(1,272	)
	Reductions related to sales		(2,780	)		(16,939	)		(19,719	)
Balance, March 31, 2011			48,367			42,117			90,484
	Foreclosures		6,073			13,329			19,402
	Payments to third parties(1)		172			—			172
	Provision for losses		(1,897	)		(1,565	)		(3,462	)
	Reductions related to sales		(521	)		(12,932	)		(13,453	)
Balance, June 30, 2011		$	52,194		$	40,949		$	93,143
	Foreclosures		2,393			6,361			8,754
	Payments to third parties(1)		259			—			259
	Provision for losses		(1,676	)		(8,601	)		(10,277	)
	Reductions related to sales		(4,910	)		(6,408	)		(11,318	)
Balance, September 30, 2011		$	48,260		$	32,301		$	80,561

⁽¹⁾

Represents amounts due to participants and for guarantees, property taxes or other prior lien positions.