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OTHER REAL ESTATE OWNED (OREO)
3 Months Ended
Mar. 31, 2013
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, 2013   December 31, 2012  
Property Type
  Non-Covered
OREO
  Covered
OREO
  Total
OREO
  Non-Covered
OREO
  Covered
OREO
  Total
OREO
 
 
  (In thousands)
 

Commercial real estate

  $ 791   $ 7,292   $ 8,083   $ 1,684   $ 11,635   $ 13,319  

Construction and land development

    31,670     6,475     38,145     31,888     6,708     38,596  

Multi-family

        3,301     3,301         4,239     4,239  

Single family residence

    3,500     243     3,743         260     260  
                           

Total OREO, net

  $ 35,961   $ 17,311   $ 53,272   $ 33,572   $ 22,842   $ 56,414  
                           

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

 
  Non-Covered
OREO
  Covered
OREO
  Total
OREO
 
 
  (In thousands)
 

OREO Activity:

                   

Balance, December 31, 2012

  $ 33,572   $ 22,842   $ 56,414  

Foreclosures

    3,500     1,480     4,980  

Provision for losses

    (92 )   (1,093 )   (1,185 )

Reductions related to sales

    (1,019 )   (5,918 )   (6,937 )
               

Balance, March 31, 2013

  $ 35,961   $ 17,311   $ 53,272