Other Real Estate Owned

6 Months Ended

Jun. 30, 2013

Note 6 – Other Real Estate Owned

Activity for other real estate owned was as follows:

	Three Months Ended						Six Months Ended
	June 30						June 30
(in thousands)	2013			2012			2013			2012
Beginning balance of other real estate owned	$	45,720		$	59,154		$	47,537		$	56,965
New assets acquired		2,608			2,125			4,655			7,495
Capitalized costs		6			77			6			167
Fair value adjustments		(630	)		(180	)		(1,776	)		(359	)
Sale of assets		(4,072	)		(4,741	)		(6,790	)		(7,833	)
Ending balance of other real estate owned	$	43,632		$	56,435		$	43,632		$	56,435

Foreclosed properties at June 30, 2013 and 2012 were $43.1 million and $55.8 million, respectively. Also included in other real estate owned are two properties totaling $0.6 million which were not acquired through foreclosure. Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended June 30, 2013 and 2012, respectively, were $1.2 million and $0.8 million. Carrying costs and fair value adjustments associated with foreclosed properties for the six months ended June 30, 2013 and 2012 were $3.0 million and $1.5 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

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