OTHER REAL ESTATE OWNED (OREO)

3 Months Ended

Mar. 31, 2012

OTHER REAL ESTATE OWNED (OREO)

OTHER REAL ESTATE OWNED (OREO)

NOTE 6—OTHER REAL ESTATE OWNED (OREO)

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

	March 31, 2012						December 31, 2011
Property Type	Non-Covered OREO		Covered OREO		Total OREO		Non-Covered OREO		Covered OREO		Total OREO
	(In thousands)
Commercial real estate	$	20,885	$	13,868	$	34,753	$	23,003	$	15,053	$	38,056
Construction and land development		25,321		13,143		38,464		24,788		15,461		40,249
Single family residence		—		2,877		2,877		621		2,992		3,613
Total OREO, net	$	46,206	$	29,888	$	76,094	$	48,412	$	33,506	$	81,918

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

	Non-Covered OREO			Covered OREO			Total OREO
	(In thousands)
OREO Activity:
Balance, December 31, 2011	$	48,412		$	33,506		$	81,918
Foreclosures		1,839			7,241			9,080
Payments to third parties(1)		622			—			622
Provision for losses		(752	)		(2,229	)		(2,981	)
Reductions related to sales		(3,915	)		(8,630	)		(12,545	)
Balance, March 31, 2012	$	46,206		$	29,888		$	76,094

⁽¹⁾

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