Note 6 – Other Real Estate Owned

Activity for other real estate owned was as follows:

(in thousands)	March 31, 2013			March 31, 2012
Beginning balance of other real estate owned	$	47,537		$	56,965
New assets acquired		2,047			5,370
Capitalized costs		0			90
Fair value adjustments		(1,146	)		(179	)
Sale of assets		(2,718	)		(3,092	)
Ending balance of other real estate owned	$	45,720		$	59,154

Foreclosed properties at March 31, 2013 and 2012 were $45.2 million and $58.6 million, respectively. Also included in other real estate owned are two properties totaling $0.5 million which were not acquired through foreclosure. Carrying costs and fair value adjustments associated with foreclosed properties at March 31, 2013, 2012 and 2011, respectively, were $1.84 million, $0.79 million, and $0.85 million.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

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