OTHER REAL ESTATE OWNED (OREO)

9 Months Ended

Sep. 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:

	September 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	$	11,914	$	6,912	$	18,826	$	1,684	$	11,635	$	13,319
Construction and land development		32,025		4,106		36,131		31,888		6,708		38,596
Multi-family		—		989		989		—		4,239		4,239
Single family residence		19		7		26		—		260		260
Total OREO, net	$	43,958	$	12,014	$	55,972	$	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
Foreclosures		3,196			468			3,664
Payments to third parties(1)		24			—			24
Provision for losses		(643	)		26			(617	)
Reductions related to sales		(4,051	)		(7,594	)		(11,645	)
Balance, September 30, 2013	$	43,958		$	12,014		$	55,972

(1)

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