OTHER REAL ESTATE OWNED (OREO)

6 Months Ended

Jun. 30, 2013

OTHER REAL ESTATE OWNED (OREO)

OTHER REAL ESTATE OWNED (OREO)

NOTE 7—OTHER REAL ESTATE OWNED (OREO)

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

	June 30, 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	$	9,743	$	8,679	$	18,422	$	1,684	$	11,635	$	13,319
Construction and land development		33,050		6,306		39,356		31,888		6,708		38,596
Multi-family		—		3,807		3,807		—		4,239		4,239
Single family residence		2,639		322		2,961		—		260		260
Total OREO, net	$	45,432	$	19,114	$	64,546	$	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
Addition from the FCAL acquisition		10,092			3,680			13,772
Foreclosures		1,035			3,075			4,110
Payments to third parties(1)		14			—			14
Provision for losses		—			(292	)		(292	)
Reductions related to sales		(1,670	)		(4,660	)		(6,330	)
Balance, June 30, 2013	$	45,432		$	19,114		$	64,546

(1)

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